FBD Holdings PLC on Thursday said its underwriting performance for the year so far has been in line with expectations.

The Dublin-based insurer said inflation continues to be seen in property and motor damage claims. It added that injury claims have been ‘benign’ and noted no ‘significant’ weather events.

In 2023 so far, it said it is continuing to see growth written premium growth of around 8% from a year earlier, citing increased policies written, higher average premiums and strong retention of existing customers.

FBD Holdings also said its investment returns have been positive in 2023 so far, ‘with mark to market gains in our risk asset and bond portfolios and higher income being achieved on reinvestments’.

It continues to be capital accretive and remains engaged with stakeholders on the return of excess capital in the short-to-medium term, FBD Holdings said.

‘Overall, we remain confident in the underlying profitability, future growth prospects, capital strength of the business and in our ability to continue to provide excellent service to our customers,’ said Chief Executive Officer Tomas O Midheach, addressing shareholders at FBD Holdings’ annual general meeting on Thursday.

Shares in FBD Holdings were untraded €12.90 each in London on Thursday afternoon.

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