FBD Holdings PLC Trading Statement (0298Z)
May 11 2023 - 1:00AM
UK Regulatory
TIDMFBH
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 EUR42 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 EUR0.60
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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END
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