FBD Holdings PLC on Friday announced a smaller annual profit due to insurance service expenses growing faster than insurance revenue.
The Dublin-based insurer said pretax profit fell 5.3% to €77.1 million in 2024 from €81.4 million in 2023.
Insurance revenue grew 10% to €441.0 million from €401.0 million.
However, insurance revenue costs increased 33% to €278.5 million from €210.1 million.
Gross written premium rose 13% to €460.2 million from €409.1 million.
Total investment return improved 37% to €26.1 million from €19.1 million.
The proposed total dividend for 2024 was unchanged compared to 2023 at 100 euro cents per share.
Looking ahead, FBD is mostly optimistic as the Irish economy is growing: ‘The economic outlook for 2025 is positive with the Irish economy expected to operate at close to its sustainable capacity. The economy is at full employment which, along with budgetary spending and infrastructure constraints, could fuel overheating risks and impact competitiveness.
‘The continued strong performance of the US economy should support the Irish economy in the short term, assuming no negative impact from the aforementioned geopolitical risks. The outlook beyond 2025 is less certain due to the potential impact of policy changes from the new US administration which may result in tariffs and trade wars, with a resultant impact on inflation.’
Ireland’s gross domestic product grew by an eye-catching percentage in the fourth quarter, data published by the Central Statistics Office had shown Thursday.
The country’s economy grew by 3.6% on a quarterly basis in the fourth quarter. For the third quarter, CSO in December had reported quarterly growth of 3.5%.
Annual growth in the fourth quarter was 9.2%. A preliminary reading in January had estimated year-on-year GDP growth at 6.3% in the fourth quarter.
FBD shares were flat at €13.85 each on Friday morning in Dublin.
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