Insurance group FBD has reported pre-tax profits of €246.8m for last year, up from €161.5m in 2005.
This figure was boosted, however, by €81.7m from the sale of land and an improvement in investment income. Underlying operating profits fell 2.5% to €158.5m, mainly because of a fall of just over €10m in underwriting profits to €124.6m.
Gross written premiums were worth €407.3m, up 4.6%. The group described this as satisfactory in a climate of lower premiums in the market. FBD also said poorer weather contributed to an increase in claims.
Chief executive Philip Fitzsimons said more savings from road safety initiatives and claims costs were essential to bring about further reductions in premiums.
Leisure and property interests, which include the La Cala and Sunset Beach resorts in Spain and the Tower Hotel Group in Ireland, contributed €10.1m to profits, down from €13.6m in 2005. Its financial services businesses made a profit of €4.3m, up from €3.3m in 2005.
Operating earnings per share grew by 3.6% to 376.6 cent and a final dividend of 45 cent gives a 20% higher total of 69 cent for the year.
Shares in the company were down 69 cent at €39.31 in Dublin this evening.
