REG - FBD Holdings PLC - Trading Statement <Origin Href="QuoteRef">FBD.I</Origin>

FBD HoldingsAnnouncement

24/10/2017 07:01

RNS Number : 3890U
FBD Holdings PLC
24 October 2017
FBD Holdings plc
Trading Update
24 October 2017
Since Storm Ophelia hit Ireland on Monday 16th October, we have been working with our customers to compensate them for the damage caused to their homes, farms and businesses. So far and as the number of claims start to level off, these have come from all over the country with the largest number to date coming from counties Cork and Tipperary.
While it is still too soon to present a final tally of both the total number and gross cost of claims from the storm, our new reinsurance programme provides good cover in extreme events and this will mitigate the net cost to FBD. Our cost of claims (net of reinsurance) will be 2.5m. However, the overall net impact to the Income Statement from this storm is expected to cost in the range of 4m-6m after the payment of an additional reinsurance premium to reinstate our catastrophe weather limits for the balance of the year.
Fiona Muldoon, CEO of FBD said: "Despite the impact of Storm Ophelia and other recent weather related claims, we continue to see a steady improvement in our financial performance from both better risk selection and improved price adequacy. Absent further severe weather in 2017, we are now on course to deliver our targeted "low double digit return on equity" earlier than previously indicated. If the remainder of 2017 is reasonably benign in weather terms, we believe this return is achievable in this financial year."
ENDS
Enquiries
Telephone


FBD Holdings plc

Fiona Muldoon, Chief Executive Officer
+353 1 409 3208
John O'Grady, Chief Financial Officer
+353 1 409 3399




Powerscourt

Jack Hickey
+353 83 4488 339
About FBD Holdings plc 
The FBD Group was established in the 1960s and is one of Ireland's largest property and casualty insurers looking after the insurance needs of farmers, private individuals and business owners. 
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
Irish Stock Exchange
UK Listing Authority
Listing Category
Premium
Premium (Equity)
Trading Venue
Irish Stock Exchange
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

This information is provided by RNS
The company news service from the London Stock Exchange
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