FBD Holdings plc has said that its financial performance for 2023 is due to be ahead of market expectations with profit before tax anticipated to be around €80 million.
In a new trading statement, the insurance group, said that the update came as “a result of favourable underwriting performance, arising from positive prior year development”.
“Preparation of the full year 2023 results is on-going and subject to our usual audit and corporate governance processes,” the company said.
The full details of FBD’s 2023 financial results will be released on Friday, March 8, 2024.
In 2022, the company reported a profit before tax of €73.7 million, supported by a strong underwriting profit of €85.7 million.
FBD Holdings’ share price have strengthened on the back of the announcement.
FBD Holdings
Established in the 1960s by farmers, FBD is a general insurer with over 500,000 agricultural, small business and consumer customers throughout Ireland.
Headquartered in Bluebell, Dublin with 34 branch offices around the country, FBD has a staff of over 900 employees.
Last August, the insurer reported a major jump in half-year pre-tax profits to €39.5 million for 2023 compared to corresponding results of €2.5 million for 2022.
There was also a 4.5% jump in insurance revenue to €195.5 million for the six months to June 2023.
Gross written premium, the largest part of insurance revenue, was 7.3% higher than 2022 levels at €206.4 million and the group reported strong increases in home, agri and commercial
business.
It said that average premium increased by 4.6% across the portfolio, “reflecting the inflationary impacts from the economic environment”.
According to FBD, farm premiums increased by 5.0% as a result of “increases in property elements as sums insured increased due to inflation in construction costs”.