FBD posts decline in half-year profits

Pre-tex profits for the Irish insurer fell to €19m, down from €22m during the same period last year

The Irish insurer stated that the average premium is flat across the portfolio with private motor down 8%. Picture: Denis Minihane.

Insurance company FBD holdings reported a decline in pre-tax profits during the first six months of the year despite having the highest retention levels of existing business in 5 years.

Pre-tax profits fell to €19m, down from €22m during the same period last year, excluding the impact of Covid-19 related rebates, while the gross written premium increased by 3.3% from the previous year up to €193m.