FBD Holdings PLC's Chief Executive Officer, Mr. Tomás Ó Midheach, addressed shareholders at the Annual General Meeting, highlighting the company's solid 2024 trading performance despite being impacted by storms, particularly Storm Isha. The company is working closely with affected customers to compensate for damages to their properties. Despite inflation in property and motor damage claims, the underlying underwriting profitability remains sound. The recent Supreme Court ruling on Personal Injury Guidelines brings certainty to the reducing cost of injury claims, reinforcing the company's assumptions.
The company has seen a 9% increase in Gross Written Premium (GWP) compared to the same period in 2023, driven by growth in new business policies written in Business, Retail, and Farm. FBD maintains strong customer retention while growing its policy count, focusing on providing personalized service nationwide. The investment return through the Income Statement has been positive, offset by negative Other Comprehensive Income due to bond portfolio volatility.
FBD remains strongly capitalized, with a Solvency Capital Ratio exceeding its risk appetite. The company aims to move closer to target capital levels while preserving the sustainability of its annual ordinary dividend and maintaining a robust capital position for its growing business. Mr. Ó Midheach expressed confidence in the underlying profitability, future growth prospects, and capital strength of the business, emphasizing its ability to deliver value for both customers and shareholders.
FBD Holdings PLC is one of Ireland's largest property and casualty insurers, serving the insurance needs of farmers, consumers, and business owners. Established in the 1960s, the company has expanded to become a leading general insurer with a network of 34 branches nationwide.
The announcement includes forward-looking statements, representing expectations for the Group's business and involving risks and uncertainties. FBD's ordinary shares are publicly traded on Euronext Dublin and the London Stock Exchange.
For further information, investors can contact Fiona Meegan, Investor Relations at +353 1 419 4885 or Paddy Hughes at Drury Communications at +353 87 616 7811.