FBD Holdings PLC Trading Statement (3890U)
October 24 2017 - 1:00AM
UK Regulatory
TIDMFBH
RNS Number : 3890U
FBD Holdings PLC
24 October 2017
FBD Holdings plc
Trading Update
24 October 2017
Since Storm Ophelia hit Ireland on Monday 16(th) 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 EUR2.5m. However, the overall net impact to
the Income Statement from this storm is expected to cost in the
range of EUR4m-EUR6m 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
+353 83 4488
Jack Hickey 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 EUR0.60
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 Main Market
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
END
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