fbd holdings plc said friday that 2022 pretax profit fell as higher interest rates weighed on investment return and proposed a stable dividend payout the irish insurance company said pretax profit fell to 737 million euros 78 million for the year ended dec 31 compared with eur1104 million in 2021 pretax profit was supported by a continuing low injury claims frequency benign weather and positive prioryear reserve development the company said net investment return swung to a loss of eur104 million from a profit of eur157 million a year prior as high inflation levels drove increasing interest rates from central banks which led to significant reduction in the valuation of fixed income assets fbd said revenue came in at eur4064 million down from eur3867 million combined operating ratio was 75 up from 72 reflecting a strong underwriting performance and positive development of prioryear claims the company said solvency capital ratio was 226 up from 214 as losses on the investment portfolio was mitigated by underwriting profits higher discounting of claims liabilities and a reduction in the solvency capital requirement the company said in 2023 fbd expects to continue to be profitable and targets combined operating ratio in the low 90s percentage fbd said it will propose a dividend of 100 european cents a share on par with 2021