FBD Holdings PLC Trading Statement (1860L)
12 May 2022 - 04:01PM
UK Regulatory
TIDMFBH
RNS Number : 1860L
FBD Holdings PLC
12 May 2022
FBD Holdings plc
Chief Executive Officer's Address to the Annual General
Meeting
12(th) May 2022
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 2022 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.
Gross Written Premium (GWP) trends have been positive and has
increased by approximately 1% compared to the same period in 2021
(after adjusting the prior year for Covid 19 related premium
rebates). Written policy count has increased by 2% with average
premium decreasing by 1%. Private Motor average premium is 9% lower
than Quarter 1 2021. We continue to see strong retention of
existing customers.
Investment markets have been difficult year to date and this has
impacted the valuation of our risk asset and bond portfolios and
has led to negative returns through the Income Statement and the
Statement of Other Comprehensive Income. The increase in interest
rates is positive for future income returns. The impact of the
reduction in asset values on our Capital Ratio has been largely
offset by higher discounting of claims liabilities, lower market
risk charges and underwriting profits.
The provision we hold for Covid 19 business interruption claims
relating to our pub policies remains at EUR44m net of reinsurance.
Following the quantum hearing judgement in January we are engaging
with the plaintiffs on the steps needed to bring final clarity for
all concerned.
We continue to monitor the implementation of the Personal
Injuries Guidelines and have reflected 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 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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