5th Aug 2022 12:08
FBD Holdings PLC - Dublin-based insurance company - In the first half of 2022, pretax profit falls by 14% to EUR18.9 million from EUR22 million. Revenue rises by 7.0% to EUR205 million from EUR191.5 million. Gross premiums written totals EUR192.6 million, up from EUR181.4 million. Underwriting profit is EUR34.5 million, up sharply from EUR13.0 million. Reports retention levels of existing business is at its highest level in five years.
Chief Executive Tomas O'Midheach said: "I am pleased to report a profit for the first half of 2022... This is despite the difficult economic backdrop as investment volatility impacts our results. Investment markets had an exceptionally challenging first six months to the year, the increase in inflation and resultant higher interest rates is impacting our returns and reducing the valuation of the FBD bond portfolio. Spreads have also widened which increased bond yields further. A positive side to this is the higher reinvestment yields that will now be available to us in the future."
Current stock price: EUR9.70
12-month change: up 21%
By Heather Rydings; [email protected]
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