FBD, the Republic’s only indigenous general insurer, said on Friday that its chief financial officer, John O’Grady, plans to retire at the end of next year.

The company said that it has commenced a process to find a successor to Mr O’Grady, who joined FBD in 2016 from Liberty Insurance and plans to leave the company at the end of 2023.

The chartered accountant (61) also previously worked for Aviva and its predecessor companies in Ireland, where he held roles including finance director, claims director and operations director starting with the group in 1989 and leaving in 2013.

FBD reported pre-tax profits of €19 million for the first half of this year, down from €22 million for the same period in 2021, dragged down by negative returns on its investment portfolio amid volatile markets, even as its gross written premiums and earnings from insurance underwriting rose.