TIDMFBH
RNS Number : 4236Q
FBD Holdings PLC
26 February 2021
FBD HOLDINGS PLC
26 February 2021
FBD HOLDINGS PLC
PRELIMINARY ANNOUNCEMENT
For the year ended 31 December 2020
KEY HIGHLIGHTS
-- Profit Before Tax of EUR4.8m reflects a strong underlying
business performance and includes positive prior year claims
reserve development of EUR23m and an investment return of
EUR10m.
-- The Commercial Court judgement delivered on 5 February
provides clarity around the liability for Covid-19 pandemic
business interruption claims relating to our pub policies.
Provision increased to EUR65m (best estimate net claims costs of
EUR54m and EUR11m assumed for reinsurance reinstatement premium).
Gross claims costs (including legal and other expenses) are
currently estimated to be approximately EUR150m. The effects of the
judgement are being considered with our reinsurance partners in
order to finalise the reinsurance recovery position.
-- Reported Combined Operating Ratio (COR) of 101.4% reflects
the adverse business interruption impact of 20.3% (EUR65m) and
positive prior year claims development of 7.4% (EUR23m). Excluding
these the current year COR is 88.5%
-- Gross Written Premium (GWP) of EUR358m is down 3% on 2019
(premium flat year on year excluding EUR12m Covid-19 pandemic
related premium rebates).
-- Increase of over 14,400 policy holders since the start of 2020 as partnership channels grow.
-- Average premium down 3% across the portfolio. Private Motor
down 5.7%, Farm down 1.5%, Home down 2.2% and Commercial up
2.8%.
-- Our capital position remains strong with a Solvency Capital
Ratio of 197% (unaudited) with the unpaid 2019 dividend no longer
accrued. Given the continuing uncertainty prevailing, the Board
continues to believe that capital preservation is paramount and
therefore no dividend is being proposed at this time. The Board
will however keep the matter of capital return to shareholders
under continuous review.
-- The customer remains at the heart of what we do:
o Forbearance measures during 2020 included rebates for Motor
and Commercial customers of EUR12m, removing administration and
cancellation fees on Motor and Home to support continued cover and
Farm Relief Services in conjunction with the IFA;
o Web sales up 17% as purchasing patterns change, supported by
competitive pricing;
o Enhanced digital capability on Home website;
o New Van product launched in April 2020;
o New business Farm offer launched during the year;
o Brand awareness increased to top 3; and
o 1(st) Insurance Company to feature in the top 10 companies in
Ireland for excellent customer service.
-- Strategic Business Developments:
o Bank of Ireland panel membership for Home and Motor insurance
launching mid-2021
o Post Insurance partnership performing well along with affinity
partnerships driving new business sales
o Extended sponsorship of 'Team Ireland' and 'Make A Difference'
campaign launched to support Irish athletes on their Olympic
journey
FINANCIAL SUMMARY 2020 2019
EUR000s EUR000s
Gross written premium 358,230 370,063
Underwriting (loss)/profit (4,379) 93,669
Profit before taxation 4,802 112,480
Loss ratio 73.3% 46.4%
Expense ratio 28.1% 25.9%
Combined operating ratio 101.4% 72.3%
Cent Cent
Basic earnings per share 13 281
Net assets per share 1,095 1,068
-- GWP of EUR358.2m (2019: EUR370.1m). Resilient performance in
line with 2019 excluding premium rebates, new business policy
numbers increased 18% and retention rates improved by 1.7%.
-- Underwriting loss of EUR4.4m (2019 profit: EUR93.7m),
impacted by business interruption claims costs of EUR54.0m,
reductions in premium as a result of assumed reinsurance
reinstatement premium of EUR11.3m plus Covid-19 premium rebates to
customers of EUR11.8m, offset by frequency reductions in some
classes of business and positive prior year reserve development of
EUR23.3m.
-- COR of 101.4% (2019: 72.3%). The current year COR of 108.8%
reduces to 88.5% when Covid-19 related business interruption costs
are excluded. The business is underpinned by on-going disciplined
underwriting within our risk appetite with underlying profitability
strong despite competitive and economic challenges.
-- Expense ratio of 28.1% (2019: 25.9%). The ratio increase is
explained through reduced earned premium because of assumed
business interruption reinsurance reinstatement premium and
Covid-19 premium rebates. Excluding these one off items, the
expense ratio would be 26.2%.
-- Strong investment returns through the Income Statement
EUR10.4m (2019: EUR17.9m) reflecting good returns on most asset
classes, coupled with EUR4.5m (2019: EUR10.9m) increase in mark to
market (MTM) on the Group's bond portfolio through Other
Comprehensive Income.
Commenting on these results Tómas Ó'Mídheach, Group Chief
Executive, said:
"All businesses faced extraordinary challenges in 2020 and, as
we navigate towards a "new normal", we can reflect on a resilient
performance over a uniquely challenging year for FBD.
The challenges were highlighted by the recent judgement from the
Commercial Court in respect of business interruption claims for
Public House policies. The team at FBD remains determined to meet
our customer obligations and we have commenced paying interim
payments for all valid claims and will endeavour to settle claims
as quickly as possible. We are considering the impact of this
judgement with our reinsurance partners and are confident about a
satisfactory outcome.
We continue to support our customers with forbearance measures
and commercial rebates continue to be provided to affected
businesses. Our employees have risen to the challenges of the
pandemic with excellent service levels maintained and productivity
unaffected.
Some positives have come out of 2020 as we improved our ability
to serve our customers in the ways they increasingly want to
interact with us. Our enhanced digital capabilities led to more
online purchases and an increased number of customers joining our
business and staying with us. New opportunities launching in 2021
will include, the broadening of the Bank of Ireland relationship to
include general insurance as well as life and pensions, and the
successful evolution of other existing partnerships.
The insurance market continues to be very competitive and we
have seen the premiums paid by our customers decreasing,
particularly in Motor. We foresee a period of economic uncertainty
ahead as the economic impact of the pandemic becomes known. We will
adapt and change to ensure we are able to meet the evolving needs
of our customers.
We are very supportive of the Government's insurance reform
agenda to reduce claims costs and consequently insurance premiums
for farmers, businesses and consumers.
I am delighted to take the helm of the only Irish insurer in the
market, with a reputation second to none in customer service,
earned over more than 50 years in business. I joined FBD in January
and have been hugely impressed by the determination and ability of
my new colleagues. The core of the business is strong with good
underlying profitability, future growth prospects and resilient
capital strength. We intend to build on this strong base to deliver
more for all stakeholders in the years ahead. "
A presentation will be available on our Group website
www.fbdgroup.com from 9am today .
Enquiries Telephone
FBD
Michael Sharpe, Investor Relations +353 87 9152914
Powerscourt
Jack Hickey +353 83 448 8339
About FBD Holdings plc ("FBD")
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 EUR0.60
each which are publicly traded:
Listing Euronext Dublin UK Listing 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
OVERVIEW
The Group reported a profit before tax of EUR4.8m (2019 profit:
EUR112.5m), reduced by Covid-19 pandemic related business
interruption provision of EUR65.0m offset by positive prior year
reserve development of EUR23.3m and lower frequency of claims. The
investment returns reported of EUR10.4m through the Income
Statement and EUR4.5m through OCI reflect the strong turnaround for
most asset classes after the downturn in March caused by the
Covid-19 pandemic .
The Group reported an underwriting loss of EUR4.4m (2019 profit:
EUR93.7m) reflecting the Covid-19 pandemic related business
interruption provision of EUR65.0m. GWP decreased by 3% to
EUR358.2m (2019: EUR370.1m). GWP was in line with 2019 excluding
Covid-19 pandemic related premium rebates.
The recent Commercial Court judgement provides greater clarity
for FBD and our customers with public house policies around
business interruption cover. We are now moving forward with the
payment of claims including making interim payments pending the
finalisation of all claims. We are actively engaging with
reinsurers on the finalisation of reinsurance recoveries following
the Court judgement.
We note the preliminary findings last September from the
Competition and Consumer Protection Commission (CCPC) alleging that
Irish insurers engaged in anti-competitive cooperation and to which
FBD has responded. We have also cooperated with the Central Bank in
respect of the dual pricing investigation and await the final
report during 2021.
UNDERWRITING
Premium income
Gross premium written d ecreased to EUR358.2m in 2020 (2019:
EUR370.1m) primarily due to Covid-19 rebates of EUR11.8m. Excluding
Motor and Commercial rebates of EUR6.0m and EUR5.8m respectively
the gross written premium figure is in line with 2019, which is a
solid result. Motor customers were rebated through EUR35 One4All
vouchers in June reflecting the reduced claims frequency as a
result of Covid restrictions. Commercial rebates of EUR5.8m
reflected the reduced exposure of businesses to Employers
Liability, Public Liability and Business Interruption claims.
Customer policy count increased by 3% which represents over
14,400 policies, with new business volumes increasing year on year
by 18%. Our policy retention continues to be strong and increased
by 1.7%.
Average premium reduced by 3.0% across the book. Average premium
for Private Motor reduced by 5.7% due to a change in mix and
increased discounting in a competitive market. Average Farm premium
reduced by 1.5% reflecting additional discounting. Home average
premium reduced 2.2% due to rate reductions and discounting.
Average premium for Commercial increased 2.8% reflecting a mix
change rather than rate increases.
Reinsurance
The reinsurance programme for 2021 was successfully renegotiated
with a similar structure to that expiring. The negotiation of the
2021 renewal was not materially impacted by the potential of
Covid-19 related business interruption claims as there was no
judgement at that time.
Claims
Net claims incurred increased by EUR72.7m to EUR221.4m (2019:
EUR148.7m) and includes EUR54.0m in respect of the Covid-19
pandemic related business interruption costs. There was positive
prior year reserve development of EUR23.3m but lower than the
EUR40.1m in 2019. This development was driven primarily by better
than expected settlements and a very low large claims frequency in
some recent accident years.
On 5(th) February the Commercial Court ruled in relation to
publicans' business interruption claims as a consequence of the
Covid-19 pandemic public health measures. We will not be appealing
this judgement and will work with our customers to ensure claims
settlements are paid as expediently as possible. Gross claims costs
(including legal and other expenses) are currently estimated to be
approximately EUR150m. Engagement continues with our reinsurers to
finalise the position on reinsurance recoveries.
Motor damage and injury frequency reduced during 2020 as claim
notification patterns mirrored the lockdown and reopening of the
economy. Claims severity for motor in 2020 remains uncertain as the
restrictions have affected access to updated medical information.
Property claims frequency increased as business interruption claims
were notified. There was also an increase in attritional weather
claims for smaller weather events throughout 2020.
The average cost of injury claims settlements marginally
decreased since 2019 due to a change in the mix of settled cases,
affected by court closures and the inability to engage in pre-trial
negotiation. The average cost of property claims saw a small
increase in 2020 with further inflation expected on domestic
building costs. Motor damage claims saw double digit inflation as
costs of parts, paint and average labour hours per repair
increased.
The Motor Insurers Bureau of Ireland (MIBI) levy and Motor
Insurers Insolvency Compensation Fund (MIICF) contribution combined
were EUR9.7m (2019: EUR8.0m).
Claims Environment
Covid-19 continued to affect the claims environment throughout
2020 as easing of restrictions over the summer and Christmas
periods were followed by further lockdowns. Lower injury and motor
damage claims frequency was experienced in 2020 compared with 2019,
as many businesses were forced to close and traffic volumes
decreased due to remote working. Claim settlement activity also
decreased as cases being prepared for settlement were impacted as
well as actual settlement negotiation meetings and court
trials.
FBD welcomes the prioritisation of the insurance reform agenda,
including the establishment of a sub-committee of the Cabinet
Committee on Economic Recovery and Investment with an objective of
reducing insurance costs for businesses and consumers.
The Personal Injury guidelines could bring about a real
reduction in both personal injury awards and settlements through
reducing the awards currently four times higher than the UK and
providing more consistency. Recent examples indicate a welcome
downward trend in awards following Court of Appeal decisions.
The Judicial Council's proposed capping of general damages would
also significantly assist in reducing claims costs and consequently
insurance premiums.
We continue to support the Government's initiatives on reform of
the insurance industry and have recently sent the latest National
Claims Information Database submission. Increased market capacity
could provide wanted cover in areas not within our risk appetite
and increased competition helps to maintain a healthy insurance
industry.
The majority of the new provisions of the Consumer Insurance
Contracts Act 2019 commenced by way of ministerial order with
effect from 1 September 2020. The requirements of the new Act has
important implications for claims handling as changes to systems
and processes are required for insurers who operate in an already
heavily regulated environment. The Act reinforces existing duties
and obligations adhered to by insurers under the Consumer
Protection Code. Examples of the changes include reducing the
retention on property damage claims, a requirement for explanations
on third party claim settlements and engagement with policyholders
on liability claims/decisions.
There is a possible challenge coming to the current discount
rate used for personal injury claims which would increase future
claims liabilities. No update has yet been provided in respect of
the public consultation launched by the Minister for Justice and
Equality on the manner in which the discount rate should be set in
future. The discount rate could be set in future by the judiciary
or the Minister along with potential proposals to amend the current
assumed investment strategy in determining the discount rate.
Legal costs are on average at a higher level than 2019. There is
significant inflation coming through in recent months on allowances
being made by the Office of the Legal Costs Adjudicator and the
County Registrars. We have seen costs increase by up to 30% in some
cases. FBD are monitoring this worrying trend closely.
Brexit is already having an impact on supply chains, which in
turn will increase motor and property damage repair claims. There
is also a potential impact on construction costs from imported raw
materials. The real impact from the trade deal will be observed
over the next few months.
Weather, Claims Frequency and Large Claims
No significant weather events of note occurred during 2020 which
is consistent with the experience in 2019. January and February
brought a return to the more normal level of attritional weather
claims and June experienced a number of lightning claims. In
addition August's Storm Ellen brought with it the highest number of
property claims in any month of 2020. Overall weather claims cost
EUR10.0m which was more than double 2019 weather costs.
As a result of the Covid-19 pandemic and the restrictions put in
place by the government there has been a significant reduction in
Motor and Liability claims during the year. This was particularly
evident in the second half of March and all of April with frequency
for Employers Liability and Public Liability claims increasing in
the second half of the year but remaining at slightly lower levels.
Frequency of Motor claims remained below normal levels in the
second half of the year, albeit at much higher levels than those
observed in March and April. The frequency of claims relating to
Farm activities remained relatively stable throughout the year.
A much lower than normal number of large claims, those with a
value greater than EUR250k, have been reported to FBD as at 31
December 2020. However, the flow of claims information may prove
unreliable as there has been restricted access to medical
information in order to place a reliable estimate on injuries being
reported. This uncertainty has been allowed for in arriving at our
best estimate of claims liabilities.
Expenses
The Group's expense ratio was 28.1% (2019: 25.9%). Other
underwriting expenses were EUR88.5m, an increase of EUR1.3m. The
increase is due to an additional EUR1.0m in commission payments,
EUR0.5m in telecoms costs due to remote working and a EUR0.5m
increase in depreciation charges net of reductions in other staff
costs of EUR0.7m due to Covid-19 impacts on travel, training,
recruitment and entertainment. Excluding Covid-19 impacts on earned
premium from rebates and assumed reinsurance reinstatement premium
the expense ratio would be 1.9 percentage points lower at
26.2%.
General
FBD generated an underwriting loss of EUR4.4m (2019 profit:
EUR93.7m) which translates to a COR of 101.4% (2019: 72.3%).
Investment Return
FBD's total investment return for 2020 was 1.3% (2019: 2.7%).
0.9% (2019: 1.7%) is recognised in the Consolidated Income
Statement and 0.4% (2019: 1.0%) in the Consolidated Statement of
Other Comprehensive Income (OCI). The positive returns represent a
strong turnaround for most asset classes after the downturn in
March caused by the Covid-19 pandemic.
The Income Statement return reflects the strong performance of
the Company's risk asset portfolio. Equities in particular rallied
towards the end of the year on the positive outlook for the
development and distribution of vaccines. FBD's Global equity fund
ended the year 11.6% higher and our Emerging Market equity fund
ended 8.1% higher. Falling interest rates and tightening credit
spreads, aided by strong central bank stimulus measures, resulted
in positive mark to market returns on FBD's sovereign and corporate
bond portfolios and this is reflected in the OCI.
Financial Services Income and Other Costs
The Group's financial services operations delivered a profit
before tax of EUR2.1m for the year (2019; EUR3.7m). The life,
pension and investment broking operation (FBD Financial Solutions)
remained relatively flat year on year with income of EUR4.2m (2019:
EUR4.3m), a strong performance in difficult circumstances, with
minimal cost increases. Other financial services fees decreased by
7% as forbearance measures offered to customers reduced revenue.
Holding company costs increased from EUR2.8m to EUR3.9m mainly due
to legal expenses and increased management fees in 2020.
Profit per share
The diluted profit per share was 12 cent per ordinary share,
compared to 276 cent per ordinary share in 2019.
Dividend
Payment of the 2019 proposed dividend was withdrawn due to
uncertainty in respect of the impact of Covid-19 on the business.
Given the continuing uncertainty prevailing, the Board continues to
believe that capital preservation is paramount and therefore no
dividend is being proposed at this time. The Board will however
keep the matter of capital return to shareholders under continuous
review.
STATEMENT OF FINANCIAL POSITION
Capital position
Ordinary shareholders' funds at 31 December 2020 amounted to
EUR384.0m (2019: EUR372.2m). The increase in shareholders' funds is
mainly attributable to the following:
-- Profit after tax for the year of EUR4.4m;
-- Mark to Market movement on our Bond portfolio of EUR3.9m
after tax in the Statement of Other Comprehensive Income;
-- Share based payments of EUR1.9m;
-- An increase in the defined benefit pension scheme surplus of
EUR2.0m after tax arising from gains in asset values being offset
partially by increases in liabilities from reducing discount
rates;
-- Offset by a revaluation loss on property held for own use of EUR0.4m.
Net assets per ordinary share are 1,095 cent, compared to 1,068
cent per share at 31 December 2019.
Investment Allocation
The Group adopts a conservative investment strategy to ensure
that its technical reserves are matched by cash and fixed interest
securities of low risk and similar duration. FBD invested an
additional EUR40m into its corporate bond portfolio during the
year. The additional cash resulted from the non-payment of the 2019
dividend and slower than usual payment of claim settlements.
The allocation of the Group's investment assets is as
follows:
31 December 2020 31 December 2019
EURm % EURm %
Corporate bonds 552 47% 509 46%
Government bonds 311 26% 302 27%
Deposits and cash 180 15% 168 15%
Other risk assets 68 6% 65 6%
Equities 49 4% 46 4%
Investment property 17 2% 19 2%
1,177 100% 1,109 100%
---------- -------- ---------- --------
Solvency
The latest (unaudited) Solvency Capital Ratio (SCR) is 197%
compared to the 2019 SCR of 209% when excluding the 2019 dividend
previously accrued.
RISKS AND UNCERTAINTIES
The principal risks and uncertainties faced by the Group are
outlined on pages 17-28 of the Group's Annual Report for the year
ended 31 December 2020. The Covid-19 pandemic and the measures
taken to mitigate its impact continue to have a significant effect
on economic activity and give rise to additional specific risks and
uncertainties for the Group.
We have experienced a reduction in claims volumes at points
throughout the year as a result of the restrictions put in place to
tackle the spread of the virus. However it is feasible that
shortages in parts and/or other supplies and a possible increased
propensity to claim by financially stressed customers will result
in increased claims costs. Court closures and difficulties in
obtaining medical reports are impacting our ability to settle
claims. We are continuously monitoring claims patterns as the
situation unfolds.
FBD anticipates there may be further impacts on revenue as some
customers reconsider their coverage amidst changing needs and
financial strain causes some businesses not to re-open or
individuals not to renew.
Future financial market movements and their impact on balance
sheet valuations, pension surplus and investment income are
unknown.
FBD has modelled a number of possible scenarios on the potential
impact of the Covid-19 pandemic and other uncertainties on its
future business plans. The scenario modelling included assumptions
on the potential impact on revenue, expenses, claims frequency,
claims severity, investment market movements and in turn solvency.
The output of the modelling demonstrates that the Group is likely
to be profitable and remain in a strong capital position. However,
the situation cannot be accurately predicted and unforeseen
difficulties and events could arise.
FBD notes the judgement on 5 February 2021 by the Commercial
Court in Ireland in the test case taken, relating to public house
policies, with the objective of achieving clarity for all parties
around the application of business interruption insurance cover for
losses suffered as a result of Covid-19 pandemic public health
measures. The decision of the Court was that our public house
policies do provide cover in the circumstances reviewed. FBD is
currently considering the effects of the judgement with its
reinsurers in order to obtain agreement on the level of reinsurance
recoveries to be received.
In arriving at the business interruption best estimate of EUR65m
(including reinsurance reinstatement premium), FBD has assessed all
available and up to date information which may impact on ultimate
costs. The Commercial Court judgement has provided more clarity on
likely gross claims costs albeit with some aspects of the
calculation of quantum yet to be determined. The current estimate
of gross claims costs is approximately EUR150m. The Group has also
modelled a number of different scenarios relating to the
application of reinsurance cover. In arriving at the best estimate,
probabilities have been assigned to reinsurance scenarios based on
discussions with reinsurers, our reinsurance broker and specialist
legal advice . While more adverse outcomes for the Group are
possible, our assessment is that these have a lower probability of
occurrence. Business interruption as with all uncertainties, is
assessed when the Group is considering the margin for uncertainty,
being a provision held as an amount over the best estimate of
claims liabilities net of expected reinsurance recoveries.
The solvency of the Group remains robust and is currently at
197% (unaudited) (31 December 2019: 209% before accruing proposed
dividend). As noted above, t here is more than normal uncertainty
surrounding the calculation of the Solvency Capital Ratio pending
final determination of the net cost of Covid-19 pandemic related
business interruption claims.
Economic downturn threatens increased credit exposure and
concentration risk. The Group's Investment Policy, which defines
investment limits and rules and ensures there is an optimum spread
and duration of investments, is being continuously monitored.
Regular review of the Group's reinsurers' credit ratings, term
deposits and outstanding debtor balances is in place. All of the
Group's current reinsurers have a credit rating of A- or better.
All of the Group's fixed term deposits are with financial
institutions which have a minimum A- rating. An increase in
customer defaults is possible and we are actively working with
customers to ensure continuation of cover where possible. As at the
reporting date there was no obvious increase in distressed
customers but this will be subject to on-going monitoring.
The Group continues to manage liquidity risk through ongoing
monitoring of forecast and actual cashflows, including expected
business interruption claims payments, ensuring that the maturity
profile of its financial assets is well matched to the maturity
profile of its liabilities and maintaining a minimum amount
available on term deposit at all times. The Group's asset
allocation is outlined on page 8 with a less than 12% allocation to
risk assets.
Monitoring of overall business strategy adopted is required to
determine continuing relevance considering the potential impacts of
the pandemic on customer needs and the way in which we operate.
The restrictions put in place to fight the Covid-19 pandemic
resulted in the need for current business processes and
distribution models to be re-imagined by all. FBD itself has been
able to adapt to the changing environment with substantially all
employees working from home at the height of the restrictions. The
majority of functions were largely able to maintain business as
usual. We have not implemented job reduction programmes or received
any government support.
From a third party risk management perspective, alternative
processes were put in place with many providers to ensure
continuity of service while under restricted movement.
Unfortunately, due to Government guidelines, our vehicle repairers
and windscreen providers were at times only able to support
emergency repairs for essential workers.
FBD has developed its own action plan to ensure operational
resilience and the safety of staff and customers through extra
health and security measures as offices re-open. We are following
all Government and HSE public health guidelines and ensuring that
the appropriate social distancing measures are in place.
There is an inherent increased risk of regulatory action and
reputational damage associated with how well a business is
perceived to respond to the crisis. At FBD the safety of our staff,
customers and the community within which we operate is a priority
as we navigate through these difficult times. We understand the
extraordinary and unprecedented challenges our customers are
experiencing as a result of the actions taken to reduce the spread
of Covid-19. FBD is taking several measures to support our
customers through these challenging times including rebates to
business customers for temporary closures and rebates to motor
customers covering periods of restricted travel. From our support
of the Irish Olympic Team to our sponsorship of the many other
national and local initiatives, FBD is committed to continue
supporting the local communities in which we operate and in which
our customers live and work. Having received clarity from the
Commercial Court on liability for business interruption claims on
our public house policies, we will strive to settle all valid
claims as expediently as possible.
OUTLOOK
2020 was a particularly challenging year for everyone as we
faced the unforeseen challenge of the Covid-19 pandemic. The impact
stretches into 2021 with a continued lockdown and further
restrictions. The business interruption ruling has provided clarity
around the liability for FBD and we have commenced the payment of
claims to pub customers. We are working with our reinsurers to
finalise the position on recoveries on the business interruption
claims. Other uncertainties such as the length of the current
lockdown are still unknown and we continue to monitor the
situation. The vaccine rollout indicates the end of restrictions is
in sight although the timing is unknown.
There are positive impacts in the 2020 result as the weather was
reasonably good and positive prior year reserve development,
together with continued quality risk selection and underwriting
discipline contributed to strong underlying profitability. New
business policy count has grown despite overall premium levels
decreasing.
The Covid-19 pandemic has dominated all our lives during 2020
and changed our working and business environment as we embrace new
possibilities of alternative working in the future. We work
tirelessly to adhere to all Government guidelines and restrictions
to protect our employees and customers and look forward to a time
in the near future when we can come together again safely. The
continuing Government supports mean we cannot see the full economic
reality from the pandemic and we expect a clearer picture to unfold
during 2021.
A Brexit deal was signed at the end of 2020 but it has been
disruptive for many industries. We continue to monitor the evolving
economic impact for farms and businesses, as well as consumers.
We anticipate the new Personal Injury guidelines will bring
about consistency in awards and a real reduction in claims
settlements in personal injury cases. This will positively result
in lower premiums for customers.
The underlying insurance business is strong, well-capitalised
and growing profitably. The new strategic opportunities are
delivering for the business. We will continue to deliver careful
growth while maintaining underwriting discipline. FBD will preserve
its capital strength to guarantee its future ability to pay claims
and deliver unrivalled customer service to our customers.
For 2021 we are targeting a current year COR of approximately
90%, absent exceptional weather.
FBD Holdings plc
Consolidated Income Statement
For the financial year ended 31 December 2020
2020 2019
EUR000s EUR000s
Revenue 380,999 394,639
---------- ----------
Income
Gross premium written 358,230 370,063
Reinsurance premiums (43,034) (31,836)
---------- ----------
Net premium written 315,196 338,227
Change in net provision for unearned premiums 36 (674)
---------- ----------
Net premium earned 315,232 337,553
Net investment return 10,388 17,892
Financial services income - Revenue from
contracts with customers 4,211 4,268
- Other financial services income 5,172 5,557
---------- ----------
Total income 335,003 365,270
Expenses
Net claims and benefits (221,403) (148,679)
Other underwriting expenses (88,527) (87,259)
Movement in other provisions (9,681) (7,946)
Financial services and other costs (7,276) (6,081)
Impairment of property, plant and equipment (734) (246)
Finance costs (2,580) (2,579)
Profit before taxation 4,802 112,480
Income taxation charge (412) (14,255)
---------- ----------
Profit for the financial year 4,390 98,225
---------- ----------
Attributable to:
Equity holders of the parent 4,390 98,225
FBD Holdings plc
Consolidated Income Statement
For the financial year ended 31 December 2020
Earnings per share 2020 2019
Cent Cent
Basic 13 281
------- --------
Diluted 12 (1) 276 (1)
------- --------
(1) Diluted earnings per share reflects the potential vesting of
share based payments.
The accompanying notes form an integral part of the Financial
Statements.
The Financial Statements were approved by the Board and
authorised for issue on 25 February 2021.
FBD Holdings plc
Consolidated Statement of Comprehensive Income
For the financial year ended 31 December 2020
2020 2019
EUR000s EUR000s
Profit for the financial year 4,390 98,225
-------- ----------
Items that will or may be reclassified
to profit or loss in subsequent periods:
Net gain on available for sale financial
assets during the year 4,491 11,356
Loss/(Gain) transferred to the Consolidated
Income Statement on disposal during
the year 14 (432)
Taxation charge relating to items that
will or may be reclassified to profit
or loss in subsequent periods (563) (1,366)
Items that will not be reclassified
to profit or loss in subsequent periods:
Actuarial gain/(loss) on retirement
benefit obligations 2,326 (4,236)
Property held for own use revaluation (419) -
loss
Taxation (charge)/credit relating to
items not to be reclassified in subsequent
periods (431) 530
-------- ----------
Other comprehensive income after taxation 5,418 5,852
-------- ----------
Total comprehensive income for the
financial year 9,808 104,077
-------- ----------
Attributable to:
Equity holders of the parent 9,808 104,077
FBD Holdings plc
Consolidated Statement of Financial Position
At 31 December 2020
ASSETS
2020 2019
EUR000s EUR000s
Property, plant and equipment 25,085 28,114
Policy administration system 36,721 38,603
Intangible assets 5,100 2,155
Investment property 17,051 18,693
Right of use assets 5,635 6,115
Loans 601 611
Deferred taxation asset 1,294 1,222
Financial assets
Available for sale investments 863,880 811,986
Investments held for trading 116,930 111,399
Deposits with banks 40,000 60,000
---------- ----------
1,020,810 983,385
---------- ----------
Reinsurance assets
Provision for unearned premiums 1,033 1
Claims outstanding 122,760 66,349
---------- ----------
123,793 66,350
---------- ----------
Retirement benefit surplus 10,849 8,723
Current taxation asset 7,510 3,949
Deferred acquisition costs 34,079 33,182
Other receivables 65,402 63,866
Cash and cash equivalents 129,535 94,982
---------- ----------
Total assets 1,483,465 1,349,950
---------- ----------
FBD Holdings plc
Consolidated Statement of Financial Position (continued)
At 31 December 2020
EQUITY AND LIABILITIES 2020 2019
EUR000s EUR000s
Equity
Called up share capital presented
as equity 21,409 21,409
Capital reserves 24,756 22,811
Revaluation reserve 978 -
Retained earnings 336,838 328,008
Equity attributable to ordinary
equity holders of the parent 383,981 372,228
Preference share capital 2,923 2,923
Total equity 386,904 375,151
Liabilities
Insurance contract liabilities
Provision for unearned premiums 184,541 183,545
Claims outstanding 794,416 683,332
---------- ----------
978,957 866,877
---------- ----------
Other provisions 12,067 8,417
Subordinated debt 49,544 49,485
Lease liabilities 5,843 6,222
Deferred taxation liability 5,421 4,905
Current taxation liability - 3,128
Payables 44,729 35,765
Total liabilities 1,096,561 974,799
---------- ----------
Total equity and liabilities 1,483,465 1,349,950
---------- ----------
The accompanying notes form an integral part of the Financial
Statements.
FBD Holdings plc
Consolidated Statement of Cash Flows
For the financial year ended 31 December 2020
2020 2019
EUR000s EUR000s
Cash flows from operating activities
Profit before taxation 4,802 112,480
Adjustments for:
Profit on investments held for trading (5,356) (10,741)
Loss on investments available for sale 3,531 4,025
Interest and dividend income (9,481) (11,102)
Depreciation/amortisation of property, plant and equipment and intangible assets 11,041 10,503
Depreciation of right of use assets 821 771
Share-based payment expense 1,945 2,381
Fair value loss / (gain) on investment property 1,569 (290)
Impairment of property, plant and equipment 734 246
Increase / (decrease) in insurance contract liabilities 54,638 (39,448)
Increase in other provisions 3,650 679
Operating cash flows before movement in working capital 67,894 69,504
Increase in receivables and deferred acquisition costs (3,154) (2,839)
Increase in payables 10,680 5,082
Interest on lease liabilities 263 278
Purchase of investments held for trading (54,008) (29,689)
Sale of investments held for trading 53,835 7,807
Cash generated from operations 75,510 50,143
Interest and dividend income received 10,204 11,717
Income taxes paid (6,611) (14,129)
---------- -----------
Net cash generated from operating activities 79,103 47,731
---------- -----------
Cash flows from investing activities
Purchase of available for sale investments (217,013) (152,656)
Sale of available for sale investments 166,093 143,289
Purchase of property, plant and equipment (1,839) (4,518)
Additions to policy administration system (4,796) (4,414)
Purchase of intangible assets (3,593) (1,935)
Refurbishment of investment property (1,922) -
Sale of investment property 1,994 -
Decrease in loans and advances 10 4
Maturities of deposits invested with banks 40,000 50,998
Additional deposits invested with banks (20,000) (40,000)
Net cash used in investing activities (41,066) (9,232)
---------- -----------
Cash flows from financing activities
Ordinary and preference dividends paid - (17,714)
Interest payments on subordinated debt (2,500) (2,500)
Principal elements of lease payments (984) (942)
Net cash used in financing activities (3,484) (21,156)
---------- -----------
Net increase in cash and cash equivalents 34,553 17,343
Cash and cash equivalents at the beginning of the year 94,982 77,639
Cash and cash equivalents at the end of the financial year 129,535 94,982
---------- -----------
The accompanying notes form an integral part of the Financial
Statements.
FBD Holdings plc
Consolidated Statement of Changes in Equity
For the financial year ended 31 December 2020
Called up Capital Retained Attributable Preference Total
share reserves Revaluation earnings to share equity
capital reserves ordinary capital
presented shareholders
as equity
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
Balance at 1
January 2019 21,409 20,430 - 241,645 283,484 2,923 286,407
Profit after
taxation - - - 98,225 98,225 - 98,225
Other
comprehensive
income after
taxation - - - 5,852 5,852 - 5,852
------------ ------------ ------------- ------------ ------------- ------------ ------------
21,409 20,430 - 345,722 387,561 2,923 390,484
Dividends paid
and approved on
ordinary and
preference
shares - - - (17,714) (17,714) - (17,714)
Recognition of
share based
payments - 2,381 - - 2,381 - 2,381
Balance at 31
December 2019 21,409 22,811 - 328,008 372,228 2,923 375,151
------------ ------------ ------------- ------------ ------------- ------------ ------------
Reclassification
to revaluation
reserve* - - 1,345 (1,345) - - -
Profit after
taxation - - - 4,390 4,390 - 4,390
Other
comprehensive
income after
taxation - - (367) 5,785 5,418 - 5,418
21,409 22,811 978 336,838 382,036 2,923 384,959
Recognition of
share based
payments - 1,945 - - 1,945 - 1,945
Balance at 31
December 2020 21,409 24,756 978 336,838 383,981 2,923 386,904
------------ ------------ ------------- ------------ ------------- ------------ ------------
*During the year the Group reclassified the reserve for
revaluation gains on property held for own use previously included
in retained earnings into a separate revaluation reserve.
FBD Holdings plc
Supplementary Information
For the year ended 31 December 2020
Note 1 Underwriting PROFIT
2020 2019
EUR000s EUR000s
Gross premium written 358,230 370,063
---------- ----------
Net premium earned 315,232 337,553
Net claims incurred (221,403) (148,679)
Other provisions (9,681) (7,946)
Net underwriting expenses (88,527) (87,259)
---------- ----------
Underwriting (loss)/profit (4,379) 93,669
---------- ----------
2020 2019
Net underwriting expenses EUR000s EUR000s
Management expenses 86,858 86,499
Deferred acquisition costs (897) (1,226)
------------- ---------
Gross underwriting expenses 85,961 85,273
Reinsurance commission receivable (2,872) (2,479)
Broker commission payable 5,438 4,465
------------- ---------
Net underwriting expenses 88,527 87,259
------------- ---------
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 2 EARNINGS PER EUR0.60 ORDINARY SHARE
The calculation of the basic and diluted earnings per share
attributable to the ordinary shareholders is based on the following
data:
2020 2019
Earnings EUR000s EUR000s
Profit for the year for the purpose of
basic earnings per share 4,390 97,943
Profit for the year for the purpose of
diluted earnings per share 4,390 97,943
------------- -------------
Number of shares 2020 2019
No. No.
Weighted average number of ordinary shares
for the purpose of basic earnings per
share (excludes treasury shares) 34,992,763 34,817,297
Weighted average number of ordinary shares
for the purpose of diluted earnings per
share (excludes treasury shares) 35,719,059 35,472,380
Cent Cent
Basic earnings per share 13 281
------------- -------------
Diluted earnings per share 12 276
------------- -------------
The 'A' ordinary shares of EUR0.01 each that are in issue have
no impact on the earnings per share calculation.
The below table reconciles the profit attributable to the parent
entity for the year to the amounts used as the numerators in
calculating basic and diluted earnings per share for the year and
the comparative year including the individual effect of each class
of instruments that affects earnings per share:
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Year Year
ended ended 31/12/19
31/12/20
EUR000s EUR000s
Profit or loss attributable to the
parent entity for the year 4,390 98,225
---------- ----------------
2020 dividend of 0 cent (2019: 8.4
cent) per share on 14% non-cumulative
preference shares of EUR0.60 each - (113)
2020 dividend of 0 cent (2019: 4.8
cent) per share on 8% non-cumulative
preference shares of EUR0.60 each - (169)
---------- ----------------
Profit for the year for the purpose
of calculating basic and diluted
earnings 4,390 97,943
The below table reconciles the weighted average number of
ordinary shares used as the denominator in calculating basic
earnings per share to the weighted average number of ordinary
shares used as the denominator in calculating diluted earnings per
share including the individual effect of each class of instruments
that affects earnings per share:
Year Year
ended ended 31/12/19
31/12/20
No. No.
Weighted average number of ordinary
shares for the purpose of calculating
basic earnings per share 34,992,763 34,817,297
------------- ----------------
Potential vesting of share based
payments 726,296 655,083
Weighted average number of ordinary
shares for the purpose of calculating
diluted earnings per share 35,719,059 35,472,380
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 3 DIVIDS
2020 2019
EUR000s EUR000s
Paid during year:
2019 dividend of 0.0 cent (2018: 8.4 cent)
per share on 14% non-cumulative preference
shares of EUR0.60 each 0 113
2019 dividend of 0.0 cent (2018: 4.8 cent)
per share on 8% non-cumulative preference shares
of EUR0.60 each 0 169
2019 final dividend of 0.0 cent (2018: 50.0
cent) per share on ordinary shares of EUR0.60
each 0 17,432
-------- ---------
Total dividends paid 0 17,714
-------- ---------
2020 2019
EUR000s EUR000s
Proposed:
2020 dividend of 0.0 cent (2019: 8.4 cent)
per share on 14% non-cumulative preference
shares of EUR0.60 each 0 113
2020 dividend of 0.0 cent (2019: 4.8 cent)
per share on 8% non-cumulative preference shares
of EUR0.60 each 0 169
2020 final dividend of 0.0 cent (2019: 100.0
cent) per share on ordinary shares of EUR0.60
each 0 34,862
-------- ---------
Total dividends proposed 0 35,144
-------- ---------
The 2019 dividend was not paid due to uncertainty in respect of
Covid-19 and following EIOPA guidance issued to insurance
companies. Given the continuing uncertainty prevailing, the Board
continues to believe that capital preservation is paramount and
therefore no dividend is being proposed at this time. The Board
will however keep the matter of capital return to shareholders
under continuous review.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 4 CALLED UP SHARE CAPITAL PRESENTED AS EQUITY
Number 2020 2019
EUR000s EUR000s
(i) Ordinary shares of EUR0.60
each
Authorised:
At the beginning and the end
of the year 51,326,000 30,796 30,796
------------ -------- --------
Issued and fully paid:
At the beginning and the end
of the year 35,461,206 21,277 21,277
------------ -------- --------
(ii) 'A' Ordinary shares of EUR0.01
each
Authorised:
At the beginning and the end
of the year 120,000,000 1,200 1,200
------------ -------- --------
Issued and fully paid:
At the beginning and the end
of the year 13,169,428 132 132
------------ -------- --------
Total - issued and fully paid 21,409 21,409
-------- --------
The 'A' ordinary shares of EUR0.01 each are non-voting. They are
non-transferable except only to the Company. Other than a right to
a return of paid up capital of EUR0.01 per 'A' ordinary share in
the event of a winding up, the 'A' ordinary shares have no right to
participate in the capital or the profits of the Company.
The holders of the two classes of non-cumulative preference
shares rank ahead of the two classes of ordinary shares in the
event of a winding up. Before any dividend can be declared on the
ordinary shares of EUR0.60 each, the dividend on the non-cumulative
preference shares must firstly be declared or paid.
The number of ordinary shares of EUR0.60 each held as treasury
shares at the beginning (and the maximum number held during the
year) was 598,742 (2019: 795,005). 189,998 ordinary shares were
reissued from treasury during the year under the FBD Performance
Plan. The number of ordinary shares of EUR0.60 each held as
treasury shares at the end of the year was 408,744 (2019: 598,742).
This represented 1.2% (2019: 1.7%) of the shares of this class in
issue and had a nominal value of EUR245,246 (2019: EUR359,245).
There were no ordinary shares of EUR0.60 each purchased by the
Company during the year.
The weighted average number of ordinary shares of EUR0.60 each
in the earnings per share calculation has been reduced by the
number of such shares held in treasury.
All issued shares have been fully paid.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 5 TRANSACTIONS WITH RELATED PARTIES
Farmer Business Developments plc and FBD Trust Company Ltd have
a substantial shareholding in the Group at 31 December 2020.
Details of their shareholdings and related party transactions are
set out in the Annual Report.
Both companies have subordinated debt investment in the Group.
Farmer Business Developments holds a EUR20.0m investment and FBD
Trust Ltd holds a EUR13.0m investment. Interest payments are made
to both companies on a quarterly basis in proportion to their
holding.
At 31 December 2020 the intercompany balances with other
subsidiaries was EUR3,462,000 (2019: EUR3,755,000).
For the purposes of the disclosure requirements of IAS 24, the
term "key management personnel" (i.e. those persons having
authority and responsibility for planning, directing and
controlling the activities of the Group) comprises the Board of
Directors and Company Secretary of FBD Holdings plc and the Group's
primary subsidiary, FBD Insurance plc and the members of the
Executive Management Team.
The remuneration of key management personnel ("KMP") during the
year was as follows:
2020 2019
EUR000s EUR000s
Short term employee benefits (1) 3,801 3,501
Post-employment benefits 295 305
Share based payments 1,012 993
-------- --------
Charge to the Consolidated Income Statement 5,108 4,799
-------- --------
(1) Short term benefits include fees to Non-Executive Directors,
salaries and other short-term benefits to all key management
personnel.
Full disclosure in relation to the 2020 and 2019 compensation
entitlements and share awards of the Board of Directors is provided
in the Annual Report.
In common with all shareholders, Directors received
payments/distributions related to their holdings of shares in the
Company during the year, amounting in total to EUR0 (2019:
EUR27,830).
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 6 ALTERNATIVE PERFORMANCE MEASURES (APM's)
The Group uses the following alternative performance measures:
Loss ratio, expense ratio, combined operating ratio, annualised
investment return, net asset value per share, return on equity and
gross written premium.
Loss ratio (LR), expense ratio (ER) and combined operating ratio
(COR) are widely used as a performance measure by insurers, and
give users of the financial statements an understanding of the
underwriting performance of the entity. Investment return is used
widely as a performance measure to give users of financial
statements an understanding of the performance of an entities
investment portfolio. Net asset value per share (NAV) is a widely
used performance measure which provides the users of the financial
statements the book value per share. Return on equity (ROE) is also
a widely used profitability ratio that measures an entity's ability
to generate profits from its shareholder investments. Gross written
premium refers to the premium on insurance contracts entered into
during the year and is widely used across the general insurance
industry.
The calculation of the APM's is based on the following data:
2020 2019
EUR000s EUR000s
Loss ratio
Net claims and benefits 221,403 148,679
Movement in other provisions 9,681 7,946
----------
Total claims incurred 231,084 156,625
Net premium earned 315,232 337,553
----------
Loss ratio (Total claims incurred/Net premium
earned) 73.3% 46.4%
----------- ----------
Expense ratio
Other underwriting expenses 88,527 87,259
Net premium earned 315,232 337,553
----------- ----------
Expense ratio (Underwriting expenses/Net
premium earned) 28.1% 25.9%
----------- ----------
Combined operating ratio % %
Loss ratio 73.3% 46.4%
Expense ratio 28.1% 25.9%
----------- ----------
Combined operating ratio (Loss ratio +
Expense ratio) 101.4% 72.3%
----------- ----------
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
2020 2019
Investment return EUR'000s EUR'000s
Investment return recognised in Consolidated
Income Statement 10,388 17,892
Investment return recognised in Consolidated
Statement of Comprehensive Income 4,505 10,924
----------- -----------
Total investment return 14,893 28,816
Average investment assets 1,117,036 1,073,429
----------- -----------
Investment return % (Total investment return/Average
investment assets) 1.3% 2.7%
----------- -----------
2020 2019
Net asset value per share EUR'000s EUR'000s
Shareholders' funds - equity interests 383,981 372,228
------------- ----------------
Number of shares
Number of ordinary shares in issue (excluding
treasury) 35,052,462 34,862,464
------------- ----------------
Cent Cent
Net asset value per share (NAV) (Shareholders
funds / Closing number of ordinary shares) 1,095 1,068
------------- ----------------
Return on equity
Weighted average equity attributable to
ordinary equity holders of the parent 378,105 327,856
Result for the year 4,390 98,225
Return on equity (Result for the year/Weighted
average equity attributable to ordinary
equity holders of the parent) 1% 30%
------------- -------------
Gross premium written: The total premium on insurance underwritten
by an insurer or reinsurer during a specified period, before
deduction of reinsurance premium.
Expense ratio: Underwriting and administrative expenses as
a percentage of net earned premium.
Loss ratio: Net claims incurred as a percentage of net earned
premium.
Combined Operating Ratio: The sum of the loss ratio and expense
ratio. A combined operating ratio below 100% indicates profitable
underwriting results. A combined operating ratio over 100% indicates
unprofitable results
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2020
Note 8 Subsequent Events
The Irish Commercial Court judgement in respect of Covid-19
related business interruption cover for public house policies was
issued on 5(th) February 2021 and FBD were deemed liable to cover
the claims cost when the public houses were closed by the
Government. The judgement is an adjusting event for the purposes of
the 2020 financial statements on the basis that the impacted claims
are 2020 events. FBD accept this judgement and will pay interim
claim payments to our affected customers in a timely manner with
final payments to follow once all required information is received
and processed. The net liability in respect of the public house
business interruption claims is included in the 2020 result with a
provision made of EUR65.3m (EUR54.0m included in the net claims
incurred and EUR11.3m included in respect of assumed reinsurance
reinstatement premium). Gross claims costs are currently estimated
to be approximately EUR150m. Post year end extensions to the period
of Level 5 Covid-19 restrictions initially imposed on 24 December
2020 are also adjusting events for the purposes of the 2020
financial statements on the basis that they impact the valuation of
2020 Covid-19 related business interruption claims. The impact of
these extensions are included in the net liability detailed above.
Discussions are on-going with our reinsurance partners to finalise
the reinsurance recovery position.
Note 9 General Information and Accounting Policies
The financial information set out in this document does not
constitute full statutory Financial Statements for the years ended
31 December 2020 or 2019 but is derived from same. The Group
Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union, applicable Irish law and the listing Rules of
Euronext Dublin, the Financial Conduct Authority and comply with
Article 4 of the EU IAS Regulation.
The 2020 and 2019 Financial Statements have been audited and
received unqualified audit reports.
The 2020 Financial Statements were approved by the Board of
Directors on 25 February 2021.
The Consolidated Financial Statements are prepared under the
historical cost convention as modified by the revaluation of
property, investments held for trading, available for sale
investments and investment property which are measured at fair
value.
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END
FR EAPASAFSFEFA
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