The Irish insurer's share price has doubled to over 40 since the Belgians offloaded their 22% stake last March, adding more than 2 last week on its decision to dispose of a development land bank in Spain.

The transaction, which is expected to net 120m, will mean windfalls for investors' with FBD promising to return the money to shareholders by way of special dividends.

They can expect to see half of the money in August, worth 1.15 a share, with the rest following in 2007.

The land sale has been hailed as a release of hidden value by Scott Rankin of Davy Stockbrokers. While the transaction is subject to planning permission, he is not anticipating any problems.

The Spanish sale moves FBD closer to becoming an insurance pure play, a development that is being welcomed by investors.

"The move will mean a drop-off in non-insurance profits beyond 2007 but confirms that there was hidden value in the [Spanish] site, and has rightly prompted the market to give the shares a lift, " said Rankin.

Expectations are high in advance of full-year results on 8 March, with investors expecting structural improvements in the insurance market, especially moves to curb a rampant compensation culture, will allow FBD to free-up more of its reserves.