Insurance group FBD has reported a pre-tax loss of €38.6m for last year, compared with a profit of just over €162m in 2007.
This was mainly due a €92.3m adjustment to cover the effect of stock market turmoil on investments. Operating profits almost halved to €65.8m. A dividend of 40.25 cent for the year will be paid.
The company called the performance 'solid' in difficult conditions. FBD chief executive Andrew Langford said claims costs had risen due to bad weather, particularly flooding, and higher property-related claims. It said this had affected the price of insurance premiums, and further rises were expected this year.
FBD wrote €385.6m of premiums last year, down 5.5%, saying it had raised prices of certain products.
Shares in FBD closed 40 cent lower at €6.70 in Dublin this evening, down 5.6%.
