FBD Holdings PLC Trading Statement (2877Y)
May 12 2021 - 1:00AM
UK Regulatory
TIDMFBH
RNS Number : 2877Y
FBD Holdings PLC
12 May 2021
FBD Holdings plc
Chief Executive Officer's Address to the Annual General
Meeting
12(th) May 2021
In the course of his address to shareholders at the Annual
General Meeting today, the Chief Executive Officer, Mr. Tomás
O'Midheach, will make the following statement on current
trading:
"The underwriting performance of our business for 2021 to date
has been in line with expectations. While average premium charged
has reduced, Motor and Liability claims experience has been benign
and no significant weather events have occurred. Equity markets in
the year to date have been strong and this has led to a positive
investment return through the Income Statement. This has been
partially offset by the impact of increases in bond yields through
the Statement of Other Comprehensive Income leading to a small
positive investment return for the year so far.
The provision we hold for Covid 19 business interruption claims
relating to our pub policies remains at EUR65m net of reinsurance.
A recent supplementary Court judgement gave additional clarity on
costs and the definition of closure. The final determination of the
remaining aspects of quantum should be determined following a
further Court hearing in July. In the meantime we will continue to
progress our claim with reinsurers. In addition we have engaged
with the Financial Services & Pensions Ombudsman (FSPO) on
complaints that they are in the process of adjudicating.
Gross Written Premium (GWP) has held up well in a very
competitive market, for Private Motor in particular. This has been
despite the impact of the pandemic on activity and sums insured as
well as the continuing payment of premium rebates to Commercial
customers. GWP is trending approximately 1% lower than the
equivalent period in 2020 excluding the impact of Covid 19 rebates.
Policy numbers have remained stable in the year to date, have
increased by over 1% in the past year and there has been strong
retention of existing customers. Average premium has reduced by 3%
overall with Private Motor average premium down by approximately
5%.
FBD continues to rebate premium to businesses which have been
closed for the Employers Liability/Public Liability/Business
Interruption elements of their cover. In the year to date these
rebates have totalled EUR4m and have been offset by a lower
frequency of claims.
We are very supportive of the Government's insurance reform
agenda to reduce premiums for farmers, businesses and consumers. We
particularly welcome the new Judicial Council guidelines for
personal injury awards and have been proactive in reflecting their
impact 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
Powerscourt
Jack Hickey +353 83 448 8339
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 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
FBD Holdings plc, FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number 135882
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END
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