FBD Insurance, the only independent Irish controlled insurance company here, said that 2000 proved to be an excellent year for the group, as it reported pre-tax profits of 40.4 million euros after a 7.2 million euro loss last year.
Operating profits for the year were up by 38% to 27.9 million euros from 20.20 in 1999. The company's core insurance and financial services profits rose by 9% to 14.6 million euros while their property business returned a growth of 96% to 13.3 million euros.
Total dividends rose by 15% to 17.25 cents.
In a statement, Paul O'Callaghan, Chief Executive of FBD Holdings, said that the property result was boosted by a substantial contribution from the sale of the Guild Street office block in the IFSC.
He said that the group would continue to pursue its development plans and was confident of achieving its growth targets in all of its businesses.
Mr O'Callaghan also said in relation to the foot and mouth disease scare sweeping the country, FBD was closely monitoring the situation. He said that a small number of farmers had foot and mouth cover in place with FBD, but added that this cover was no longer available.
FBD shares rose over 12% following this morning's results. They were trading at 4.50 euros, an increase of 50 cents, by 3.30pm this afternoon.
