FBD Holdings ‘confident in underlying profitability' of business
Insurance group FBD Holdings has expressed confidence in the underlying profitability, future growth prospects, and capital strength of the business.
In an address due to be delivered at the company's annual general meeting (AGM) at Farm Centre in Dublin today (Thursday, May 8), Tomás Ó Midheach, chief executive will discuss the current trading environment.
He is expected to tell shareholders that growth momentum has been sustained with gross written premium (GWP) increasing by approximately 10% compared to the same period in 2024.
GWP is the total amount of money an insurer collects from its customers in exchange for insurance policies.
FBD Holdings
Ó Midheach will said the emphasis placed by the company on building and maintaining relationships with its customers has resulted in increased policy count across our portfolios in farm, business, retail, and partners.
'Today, we are doing more, with more customers than ever before, expanding our reach while staying true to the values that have defined FBD for decades.
'Central to this is our nationwide branch network, providing local expertise and dedicated support to the communities we serve,' he will add.
In a trading update issued in February, FBD Holdings detailed that profitability in the year to date has been impacted by the cold spell of January and Storm Éowyn.
The insurer said that Storm Éowyn, which hit the country on Friday, January 24, is 'set to be the single biggest storm in FBD's history'.
The overall net cost (including reinstatement premium) for January 2025 weather is expected to be approximately €30 million.
The underwriting profitability, excluding the weather events, is solid and in line with expectations.
'We fully understand the significant impact these events, have had on many of our customers. Progress is being made in settling these claims quickly and fairly.
'FBD's reinsurance programme provides cover for extreme events and will mitigate the
financial impact to FBD,' Ó Midheach will tell shareholders.
AGM
The AGM will hear that investment return through the income statement in the year to date has been positive.
'FBD remains a strongly capitalised business with a Solvency Capital Ratio in excess of our stated risk appetite.
'Our intention is to move closer to target capital levels over time, while preserving the sustainability of our annual ordinary dividend and maintaining a robust capital position for our growing business.
'Overall, we remain confident in the underlying profitability, future growth prospects and capital strength of the business as well as our continued ability to deliver real value for both customer and shareholders,' Ó Midheach will say.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Agriland
2 days ago
- Agriland
Gallery: ‘Dairying at Dusk' event explores sustainability
An award winning Co. Tipperary dairy family partnership have showcased the steps they are taking to 'protect the environment' during a 'Dairying at Dusk' farm walk. Hundreds of people attended the award winning Walsh family farm in Ballylooby, Co. Tipperary for the event organised by Teagasc, FBD and Dairygold, yesterday evening (Tuesday, June 10). John, Maria and Brendan Walsh, who were the overall winners of the 2024 Teagasc/FBD Environmental Sustainability Awards, hosted the walk on their 63 hectares platform, with 107 hectares of grass, farm. The Walsh family are milking 165 and are supplying Dairygold co-op. The 'Dairying at Dusk' walk on the Walsh family farm Source: O'Gorman Photography Sustainability During the 'Dairying at Dusk' farm walk members of the Walsh family highlighted what particular measures have been taken on their farm to promote sustainability. They highlighted how a careful selection of hedgerows have being planted across the farm and that it is home to over 20 pollinators – recorded in a 2022 biodiversity assessment. John Walsh also detailed how the farm provides shelter and food sources for birds and other wildlife. A section of the crowd at the 'Dairying at Dusk' Source: O'Gorman Photography He detailed the work he carries out to prune all hedges in the first three years of planting, and how he carefully manages them to ensure a wide base, eight foot tall and whitethorns flourishing every 50 meters. The Walsh's paddocks are rich in clover, with a small portion of paddocks made up of multispecies in a bid to reduce their chemical nitrogen usage. The multispecies swards contain chicory, plantain, white and red clover and ryegrass. Brendan Walsh, host addresses a group at 'Dairying at Dusk' Source: O'Gorman Photography Herd According to the Walsh family partnership their biggest treasure is their herd of cows. Brendan Walsh said it took years of careful and selective breeding using the Economic Breeding Index (EBI) to get to where they are today. The cows produce an average of 524 kilograms of milk solids per cow per year, while the carbon footprint of the milk produced is 10% lower than the national average. The carbon footprint was 0.86 kg CO2 eq/kg FPCM in 2024. Catherine Keena, Teagasc, Prof. Frank O'Mara, Teagasc, Dr Siobhán Kavanagh, Teagasc, Liam Herlihy, Teagasc chair and host John Walsh at 'Dairying at Dusk' Source: O'Gorman Photography The farming family also keep a keen eye on water quality protection and highlighted that they have reduced their chemical fertiliser usage greatly. Only 130 kilograms of N per hectare per year is used across the farm, with the help of clover integrated swards. The farm is still producing 13.7 tonnes of grass dry matter. According to the Walsh family all of the slurry on the farm is spread using low emission slurry spreading techniques (LESS) combined with GPS for precision on application. They have also fenced off all water courses and created buffer strips beside water bodies to maintain a high water quality.
Irish Examiner
4 days ago
- Irish Examiner
Teagasc launches 'This is Dairying' photo competition 2025
Teagasc, with the support of FBD Insurance, is delighted to launch the "This is Dairying" photo competition in the lead-up to the Teagasc Moorepark Dairy Open Day, which is taking place in early July. Running throughout the month of June, this year's competition is an opportunity to capture and celebrate what makes Irish dairy farming so unique. The competition aims to highlight the pride, purpose and positivity within Irish dairying. Whether it's a moment on the family farm, a striking landscape, your favourite animal, or the next generation of farmers in action; every photo helps to tell the story of Irish dairying at its best. It provides an excellent opportunity for budding photographers and photo enthusiasts to get snapping while being in with a chance to win exciting prizes. Speaking at the launch of the competition, Prof Laurence Shalloo, the head of the Teagasc animal and grassland, research, and innovation programme, said: 'We're delighted to launch this initiative once again with thanks to support from FBD Insurance. Previous competitions have showcased the passion, care, and pride within the Irish dairy industry "We have seen some great creativity in previous competitions, and I'm looking forward to viewing the submissions in 2025.' Dr Conor Hogan, Teagasc people in dairy programme manager, added: 'This competition is about celebrating all that is positive in Irish dairying. "Sharing a single photo is a simple but powerful way for farmers, families, and the wider community to support and promote the dairy sector. We'd love to see entries from anyone involved in Irish dairying this June.' 'Positive side of dairy farming' FBD Insurance are sponsoring the €1,000 worth of prizes for the competition. Representing the firm, Mary B Dunphy added: 'At FBD, we're proud to support the return of the 'This is Dairying' photo competition for 2025. "It's a wonderful opportunity for farmers and their families to showcase the positive side of dairy farming. We always enjoy seeing life on the farm through their lens, and we look forward to this year's entries.' The photo competition runs until Wednesday, June 26, 2025. Winners will be announced at the Teagasc Moorepark Dairy Open Day, and photos will be displayed online and on the day. The overall winner will receive €500 (FBD hotel voucher) and a professional framing of their winning photograph. The first runner up will receive €300, and the two remaining finalists will each receive €100 in FBD Hotel vouchers. To enter, participants are asked to upload their photos through the online form at Read More Stephen Cadogan: Why every dairy farmer needs a cash buffer in 2025
Agriland
4 days ago
- Agriland
MREF slams limit on TAMS applications in future tranches
The announcement that limits may apply to the number of applications under the Targeted Agricultural Modernisation Scheme (TAMS) in future tranches has been criticised by the Micro-Renewable Energy Federation (MREF). Minister for Agriculture, Food and the Marine Martin Heydon said over the weekend that, as TAMS is a demand-led scheme with a defined budget, it may be necessary to limit the number of applicants per tranche through ranking and selection criteria going forward. However, the MREF said that such a move could have 'a significant damaging impact on the ability of commercial farmers to reduce their carbon emissions and energy costs'. Kieran Kells, the chairperson of the MREF, said that the 60% grant support available under TAMS for on-farm solar PV panels and infrastructure is a 'massively valuable necessary support measure', and that farmers have 'increasingly bought into investing in solar PV to reduce their energy costs and carbon emissions'. 'It is very disappointing to hear that the government is signaling plans to restrict eligibility in future tranches of TAMS solar PV supports. 'This is a retrograde and negative step that will undermine Ireland' ability to meet its climate action and emissions reduction targets,' Kells said. According to the MREF, the current eligibility and ranking criteria for applications should be abolished, or at a minimum reviewed and updated to ensure that they prioritise and support all farmers who need and use energy in their business. The MREF chairperson said that a recently published assessment by the Environmental Protection Agency (EPA) of Ireland's progress towards meeting greenhouse gas (GHG) emissions reduction targets 'is a sobering read'. 'If the minister now restricts supports for farmers investing into renewable energy, it will be seen as an incredible own goal by the government,' Kells said. He added: 'Ireland is facing billion of euros in costs and fines for failing to meet our climate change targets. 'The minister needs to ensure there is unrestricted support for farmers investing into renewables if he is serious about helping farmers decarbonise and help the country meet its challenging climate change targets,' Kells said. TAMS applications The minister also confirmed over the weekend that 100% of eligible applications received under tranches 6, 7 and 8 of TAMS have been approved. Tranche 6 closed to applications on March 7, 2025, with 4,931 applications received across the 11 schemes. Tranche 7, the emergency tranche which was opened in response to Storm Éowyn, closed for applications on March 28, with 1,945 applications submitted in respect of the agreed emergency investments, including back-up generators; sheep, bovine and equine fencing; wood and biomass chippers; and mulchers. Tranche 8 closed on Friday with approximately 5,000 applications received. Tranche 9 of the scheme is now open.
