|
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 €70 million, reflecting a 37% fall from €110.4 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 €10 million through the income statement and by €90 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 €12.20 each in London on Tuesday. By Jeremy Cutler, Alliance News reporter. . Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
