Operating profits at insurance group FBD grew by 24% to €37.5m last year, with the company reporting a reduction in its underwriting losses on motor insurance.
At the pre-tax level, higher investment losses led to a fall in profits to €25.2m. A 13% higher total dividend of 22 cent has been declared.
FBD's gross premiums grew by 31% to €325.8m. Underwriting losses were reduced from €15.1m to €5.3m, with motor losses more than halved to €10.2m. FBD said this improvement came after motor losses totalling €93.8m in the previous five years.
Chief executive Paul O'Callaghan said motor underwriting appeared to have benefited from the introduction of the penalty points system late last year. FBD said that if this trend continued, it was realistic to hope for reductions in premiums in the short to medium term.
Profits from FBD's other financial services operations increased by 32% to €3.3m, while the property and hotels division contributed a slightly lower €9m to profits.
Shares in FBD closed up 15 cent to €5.80 in Dublin this evening.
