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(Alliance News) - FBD Holdings PLC on Tuesday said that its annual performance is expected to be "significantly" ahead of market expectations, despite a sharp fall in profit.
The Dublin-based insurer forecast pretax profit for 2022 to amount to at least EUR70 million, reflecting a 37% fall from EUR110.4 million in 2021.
The company said that "strong" underwriting results were partially offset by a negative return on investments.
It still noted that its underwriting performance benefited from low injury claims frequency, benign weather throughout the year, and a positive prior year reserve development.
Nonetheless, investment returns were negative for 2022 by EUR10 million through the income statement and by EUR90 million through other comprehensive income reflecting the mark-to-market movement on bond portfolios.
FBD will release its 2022 financial results on March 10.
Shares in FBD closed down 0.8% at EUR12.20 each in London on Tuesday.
By Jeremy Cutler, Alliance News reporter.
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