Insurance group FBD Holdings has reported profit before tax of €74m for 2022, down from €110m in 2021.
FBD said its performance during the year was supported by a continuing low injury claims frequency, benign weather and positive prior year reserve development.
It reported an increase in customer numbers in the year, and a rise in the value of its gross written premium.
But it also recorded a loss on its investments, which FBD blamed on rising interest rates and volatile market conditions.
FBD said that average premium increased by 0.6% across its portfolio during the year with private motor premiums down by 7.2%.
It said it is proposing to pay a dividend of 100 cent per share for the year, unchanged from the 2021 dividend.
FBD said its customer numbers rose by 2.8% last year, with retention rates increasing again by 1.5% and reaching the highest level in the last six years.
The insurer said the net best estimate in respect of Business Interruption reduced by €1m to €42m since June 2022.
It agreed settlements with two of the four publicans in the Business Interruption Test Case and said it hopes to receive a ruling shortly that will help it in reaching an agreement with the remaining two publicans and enable it to finally settle all outstanding claims.
During the year, FBD continued to build relationships with intermediary partners and launched a Home insurance product in conjunction with Bank of Ireland and renewed its An Post Insurance partnership.
Tomás Ó Midheach, FBD's group chief executive, said FBD continues to maintain its underwriting discipline and delivered a healthy underwriting profit supported by positive prior year reserve development.
Mr Ó Midheach said there is still uncertainty in the external claims environment as FBD waits for the outcome of the challenge to the Personal Injury Guidelines.
"We are now seeing reductions in average settlement costs feeding through in pre-litigation channels," he said.
"Underinsurance is being highlighted as a concern for customers as inflation is impacting rebuild and replacement costs and we are working with our customers to make sure they are adequately covered in the unfortunate event of a claim," he added.
