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(Alliance News) - 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 EUR73.7 million from EUR110.4 million in 2021. Gross written premiums grew 4.5% to EUR382.9 million from EUR366.3 million.
However, FBD said movement on its available for sale financial assets cost the company EUR90.3 million, widened sharply from EUR11.2 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 EUR13.75 each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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