Insurer FBD Holdings pushes up net profit by 21% [Video]

Insurance company FBD Holdings increased net profit by 21% to €70m in 2023 as premium income rose 8% to €414m.

The company, which paid a special dividend of 100c per share to shareholders last October, has maintained the ordinary dividend at 100c, the same level as in 2022.

The company said it may €4m to buy back shares in the market, though this would only be to offset dilution from the vesting of awards under the employee share schemes.

Insurance revenue was 5.6% higher at €401m. Gross written premium was 8.1% higher, and FBD reported strong growth in Agri including Tractor, Commercial Business and Home products. Written policy count increased by 2.6%.

FBD said increased levels of policy coverage account for 4.5 percentage points of the 5.4% increase in average premium, driven primarily from property lines, as rebuild costs and consequently sums insured have increased.

Farm multi-peril average premium increased by 5.6% and Home average premium …