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FBD Holdings PLC on Friday reported a lower profit in 2022 despite gross written premiums growth, as movement on available for sale financial assets proved costly.
The Dublin-based insurer said pretax profit fell 33% to €73.7 million from €110.4 million in 2021. Gross written premiums grew 4.5% to €382.9 million from €366.3 million.
However, FBD said movement on its available for sale financial assets cost the company €90.3 million, widened sharply from €11.2 million in 2021.
The company proposed an unchanged annual dividend of 100 euro cents.
Looking ahead, FBD said that the economic outlook suggests elevated inflation will persist, as will high interest rates and lower growth, albeit with Irish growth anticipated to be marginally ahead of Europe.
FBD Holdings shares were flat at €13.75 each on Friday morning in London.
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