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.

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