REG - FBD Holdings PLC - Trading Statement

FBD HoldingsAnnouncement

09/05/2024 07:00

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RNS Number : 6837N  FBD Holdings PLC  09 May 2024

FBD Holdings plc

Chief Executive Officer's Address to the Annual General Meeting

9(th) May 2024

 

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:

 

"FBD's 2024 trading performance to date has been solid, although we have been
impacted by storms, in particular Storm Isha. We continue to work closely with
our affected customers to compensate them for the damage caused to their
homes, farms and businesses.

 

The underlying underwriting profitability of the business continues to be
sound, despite continued inflation in property and motor damage claims. We
welcome the certainty brought by the recent Supreme Court ruling relating to
Personal Injury Guidelines (Delaney v Injuries Resolution Board), which
reaffirms our assumptions regarding the reducing cost of injury claims.

 

We continue to see growth in Gross Written Premium (GWP) which has increased
by approximately 9% compared to the same period in 2023. The growth in premium
has come from increased new business policies written in Business, Retail and
in particular Farm. We maintain strong retention of our existing customer base
while simultaneously growing in policy count. Our key focus is meeting the
needs of our customers through the provision of a personalised service
nationwide.

 

Investment return through the Income Statement has been positive in the year
to date, reflecting higher income on reinvestment of the bond portfolios and
positive performance in the equity markets. This has been offset by negative
Other Comprehensive Income arising from volatility in the mark to market value
of the bond portfolio.

FBD remains a strongly capitalised business with a Solvency Capital Ratio in
excess of our stated risk appetite.  We will continue to engage with our
stakeholders and to monitor our capital position with the intention of moving
closer to target capital levels, while preserving the sustainability of our
annual ordinary dividend and maintaining a robust capital position for our
growing business.

 

Overall, we remain confident in the underlying profitability, future growth
prospects and capital strength of the business as well as our continued
ability to deliver value for both customer and shareholders".

 

 Enquiries                         Telephone

 FBD Holdings plc
 Fiona Meegan, Investor Relations  +353 1 419 4885

 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         Financial Conduct 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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