Companies

FBD Insurance profits climb 23.6 per cent in 2023

The firm’s average premium increased by 5.4 per cent, with the average home premium rising by 10.8 per cent

Hailing the firm’s “robust” results, Tomás Ó Midheach, group chief executive of FBD, said that premium increases were due to inflation in construction costs. Picture: Sam Boal

Profits at FBD Insurance rose by 23.6 per cent to €81.4 million last year, according to its full-year results for 2023. The Irish-owned insurance company said it was “acutely conscious” of rising costs due to inflation and interest rates.

FBD saw a 5.6 per cent increase in its insurance revenue in 2023, reaching €413 million from €380 million in 2022.

The company reported gross written premiums (GWP) – the total amount of money collected from ...