REG - FBD Holdings PLC - Trading Statement

FBD HoldingsAnnouncement

11/05/2023 07:00

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RNS Number : 0298Z  FBD Holdings PLC  11 May 2023

FBD Holdings plc

Chief Executive Officer's Address to the Annual General Meeting

11(th) May 2023

 

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 2023 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.

 

We continue to see growth in Gross Written Premium (GWP) which has increased
by approximately 8% compared to the same period in 2022. This growth has come
from increased policies written as well as higher average premium. We are
experiencing strong retention of existing customers.

 

Investment returns have been positive in 2023 to date, through both the Income
Statement and Other Comprehensive Income, with mark to market gains in our
risk asset and bond portfolios and higher income being achieved on
reinvestments. We continue to be capital accretive and remain engaged with
stakeholders on the return of excess capital in the short/medium term.

 

The provision we hold for Covid-19 business interruption claims relating to
our pub policies remains at €42 million net of reinsurance. We now expect
the written reasoned ruling from the Judge in the test case in mid-June. This
ruling is anticipated to provide certainty in respect of outstanding issues
and enable us to pay the balance of claims to publicans.

 

We are monitoring the implementation of the Personal Injuries Guidelines on an
ongoing basis and continue to reflect 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         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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