FBD Holdings PLC has released its preliminary announcement for the year ended 31 December 2023, highlighting a Profit Before Tax of €81m and a proposed dividend of 100c per share. The Return on Equity (ROE) stands at 15%, with a three-year average ROE over 15%. The Combined Operating Ratio (COR) is at 81%, reflecting continued underwriting discipline and benefiting from favorable prior year reserve development, including that related to Business Interruption. The Gross written premium (GWP) increased by 8% to €414m, with an insurance revenue increase of 6% to €401m. The policy count grew by 2.6%, attributed to an increase in product holdings per customer and new business.
The company allocated capital of €4m for possible share repurchase, and its capital position remains strong with a Solvency Capital Ratio (SCR) of 213% (unaudited) after ordinary dividend and share repurchase. FBD also made a meaningful contribution of €2.5m for The Padraig Walshe Centre for Sustainable Animal and Grassland Research to support climate-related research in Irish agriculture. The company's CEO, Tomás Ó Midheach, expressed satisfaction with the results, emphasizing the strong returns from business activities underpinned by underwriting discipline and favorable prior year reserve development.
FBD remains a strongly capitalized business with a Solvency Capital Ratio in excess of its stated risk appetite. The company also demonstrated its commitment to sustainability in Ireland's agriculture sector by financially supporting 'The Padraig Walshe Centre for Sustainable Animal and Grassland Research'. The CEO expressed confidence in the underlying profitability, future growth prospects, and capital strength of the business. The full presentation is available on the Group's website.