REG - FBD Holdings PLC - Trading Statement

FBD HoldingsAnnouncement

08/05/2025 08:15

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RNS Number : 7647H  FBD Holdings PLC  08 May 2025

FBD HOLDINGS PLC

 

08 May 2025

 

 

Chief Executive Officer's Address to the Annual General Meeting

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:

"At FBD, we believe that our customer focused strategy continues to deliver
for our stakeholders. Growth momentum has been sustained with Gross Written
Premium (GWP) increasing by approximately 10% compared to the same period in
2024. The emphasis we place on building and maintaining relationships with our
customers has resulted in increased policy count across our portfolios in
Farm; Business; Retail and Partners. Today, we are doing more, with more
customers than ever before, expanding our reach while staying true to the
values that have defined FBD for decades. Central to this is our nationwide
branch network, providing local expertise and dedicated support to the
communities we serve.

Our trading update to the market dated 13(th) February 2025, detailed that
profitability in the year to date has been impacted by the cold spell of
January and Storm Éowyn. We fully understand the significant impact these
events, have had on many of our customers. Progress is being made in settling
these claims quickly and fairly. FBD's reinsurance programme provides cover
for extreme events and will mitigate the financial impact to FBD. As
previously disclosed, the overall net cost (including reinstatement premium)
for January 2025 weather is expected to be approximately €30m. The
underwriting profitability, excluding the weather events, is solid and in line
with expectations.

Investment return through the Income Statement in the year to date has been
positive. Income from the bond portfolios continues to increase as maturities
are invested at higher yields. This has offset the fall in liquid risk asset
values which is arising as a result of wider investment market volatility.
Returns through the Statement of Other Comprehensive Income are positive in
the year so far as unrealised losses on our bond portfolio unwind. Our bond
portfolio has also been subject to fluctuations in value due to the impact of
movements in yields during the period.

FBD remains a strongly capitalised business with a Solvency Capital Ratio in
excess of our stated risk appetite. Our intention is to move closer to target
capital levels over time, 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 real value for both customer and shareholders".

 

 

 

 

 

 

 

Enquires

FBD Holdings
plc
Telephone

 

 Fiona Meegan, Investor Relations  +353 1 4194885

 Drury
 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, private individuals and business owners.

 

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

 

 Listing             Euronext Dublin
 Listing Category    Primary
 Trading Venue       Euronext Dublin
 Market              Main Securities Market
 ISIN                IE0003290289
 Ticker              FBD.I or EG7.IR

 

 
 

FBD Holdings plc, FBD House, Bluebell, Dublin 12

Registered in Dublin, Ireland Registered Number 135882

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