REG - FBD Holdings PLC - Trading Statement

FBD HoldingsAnnouncement

12/05/2022 07:00

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RNS Number : 1860L  FBD Holdings PLC  12 May 2022

FBD Holdings plc

Chief Executive Officer's Address to the Annual General Meeting

12(th) May 2022

 

In the course of his address to shareholders at the Annual General Meeting
today, the Chief Executive Officer, Mr. Tomás Ó Midheach, will make the
following statement on current trading:

 

"The underwriting performance of our business for 2022 to date has been in
line with expectations. While inflation continues to be experienced in
property and motor damage claims, injury claims experience has been benign and
there were no significant weather events.

 

Gross Written Premium (GWP) trends have been positive and has increased by
approximately 1% compared to the same period in 2021 (after adjusting the
prior year for Covid 19 related premium rebates). Written policy count has
increased by 2% with average premium decreasing by 1%. Private Motor average
premium is 9% lower than Quarter 1 2021. We continue to see strong retention
of existing customers.

 

Investment markets have been difficult year to date and this has impacted the
valuation of our risk asset and bond portfolios and has led to negative
returns through the Income Statement and the Statement of Other Comprehensive
Income. The increase in interest rates is positive for future income returns.
The impact of the reduction in asset values on our Capital Ratio has been
largely offset by higher discounting of claims liabilities, lower market risk
charges and underwriting profits.

 

The provision we hold for Covid 19 business interruption claims relating to
our pub policies remains at €44m net of reinsurance. Following the quantum
hearing judgement in January we are engaging with the plaintiffs on the steps
needed to bring final clarity for all concerned.

 

We continue to monitor the implementation of the Personal Injuries Guidelines
and have reflected the impact seen to date in the prices charged to customers.

 

Overall, we remain confident in the underlying profitability, future growth
prospects, capital strength of the business and in our ability to continue to
provide excellent service to our customers."

 

 Enquiries                           Telephone

 FBD Holdings plc
 Michael Sharpe, Investor Relations  +353 87 915 2914

 Drury Communications
 Paddy Hughes                        +353 87 616 7811

 

About FBD Holdings plc

FBD is one of Ireland's largest property and casualty insurers, looking after
the insurance needs of farmers, consumers and business owners. Established in
the 1960s by farmers for farmers, FBD has built on those roots in agriculture
to become a leading general insurer serving the needs of its direct
agricultural, small business and consumer customers throughout Ireland. It has
a network of 34 branches nationwide.

 

Forward Looking Statements

Some statements in this announcement are forward-looking.  They represent
expectations for the Group's business, and involve risks and uncertainties.
These forward-looking statements are based on current expectations and
projections about future events.  The Group believes that current
expectations and assumptions with respect to these forward-looking statements
are reasonable.  However, because they involve known and unknown risks,
uncertainties and other factors, which are in some cases beyond the Group's
control, actual results or performance may differ materially from those
expressed or implied by such forward-looking statements.

 

The following details relate to FBD's ordinary shares of €0.60 each which
are publicly traded:

 

 Listing           Euronext Dublin         UK Listing Authority
 Listing Category  Premium                 Premium (Equity)
 Trading Venue     Euronext Dublin         London Stock Exchange
 Market            Main Securities Market  Main Market
 ISIN              IE0003290289            IE0003290289
 Ticker            FBD.I or EG7.IR         FBH.L

FBD Holdings plc, FBD House, Bluebell, Dublin 12

Registered in Dublin, Ireland Registered Number 135882

 

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