FBD Holdings, the farmer-controlled insurance, property and leisure group, has reported pretax profits of #27.8 million (£22 million) for last year, an increase of 38 per cent on the previous year.

Profits from the core insurance and financial services rose by 9 per cent to #14.6 million, but the biggest increase in profits came from the property business, up 96 per cent to #13.3 million, as a result of the sale of the Guild Street office block in Dublin's International Financial Services Centre.