FBD Holdings ‘confident in underlying profitability' of 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
Business Post
2 days ago
- Business Post
Andrew Ross: FBD's half-year results show resilience despite severe weather hit
Business Post subscribers can read: • How a surge in claims from Storm Éowyn cost FBD more in January than the whole of last year's storms combined. • Why higher cover levels and loyal customers, not just price hikes, drove premium growth. • What US tariffs and deglobalisation could mean for Ireland's insurers.
Irish Times
2 days ago
- Irish Times
Storm Éowyn cost insurers €301m while fossil fuels remain top power source
The insurance industry's final bill for Storm Éowyn, which struck Ireland in January, has exceeded €301 million, making it the most expensive insurance event in the country's history. Colin Gleeson reports. This might surprise you but oil and gas provided more than 80 per cent of Irish energy last year as manufacturers and transport businesses continued to rely on them for power, according to a new report. Barry O'Halloran has the details. On a similar theme, our columnist Eoin Burke-Kennedy details how Ireland went from first to last in the race to develop offshore wind energy. In our big read this week, Hugh Dooley reports on how a sharp rise in water charges has become the latest headwind to hit Irish craft brewers, threatening the viability of many microbreweries. READ MORE Consumers are increasingly going green with their personal loans, according to new figures on personal lending from the Banking and Payments Federation of Ireland (BPFI). Hugh Dooley reports. From pharma to food, Cliff Taylor examines the known unknowns of Trump's EU tariffs deal. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times article 1184 w It can be lonely at the top for chief executives. Margaret Ward looks at ways they can cope with the stresses of leadership once they reach the corner office. Greencore's shares soared in July on news that the company was enjoying strong trading and having a better year than previously forecast. As a result, its chief executive Dalton Philips has been chosen as The Irish Times Business Person of the Month for July, an award run in association with Bank of Ireland. Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
2 days ago
- Irish Times
Storm Éowyn was most expensive weather event in history for Irish insurers, costing €301m
The insurance industry 's final bill for Storm Éowyn , which struck Ireland in January, has exceeded €301 million, making it the most expensive insurance event in Irish history. The storm was one of the most damaging Ireland has ever faced, bringing gusts of 184km/h, breaking a record that had stood since 1945. Some 815,000 properties on the island lost power, with 768,000 of these in the Republic. Many were without power for weeks, while hundreds of energy technicians were drafted in from abroad to help ESB Networks with repairs. A breakdown of the final toll from the event released to The Irish Times shows a total of 33,768 claims were lodged. The value of these claims exceeded €301 million. READ MORE The most costly claims related to businesses where 9,725 claims resulted in payouts totalling €165.6 million. The average business claim stood at €17,000. Another €129.4 million was paid out to 22,530 homeowners, with the average claim coming to €5,745. The balance of €6.2 million in costs to the industry came from 1,513 claims against motor policies. A spokeswoman for Insurance Ireland said insurers also spent money to pay staff 'significant' overtime as they dealt with the huge volume of claims. 'During and in the immediate aftermath of the storm, insurance companies took a number of actions to assist business and homeowners that had been impacted to get them back on their feet,' she said. These included engaging in 'extensive policyholder communication' through both direct and public communication channels. 'Storm Éowyn's widespread disruption underscores the critical importance of having appropriate insurance cover in place,' she added. The Department of Agriculture reported that the storm blew down 23,625 hectares of forest in the Republic Only one event – freezing conditions across the country in January, 2010 – has come close to Storm Éowyn in terms of costs to the insurance industry, when firms paid out €297 million. Flooding in November, 2009, was the next most-costly episode, costing insurers €244 million. Another big freeze in late 2010 led to €224 million in claims losses. In storm terms, Storm Darwin back in 2014 was the most expensive event prior to Storm Éowyn at €111 million. FBD, the Republic's only indigenous general insurer, reported last week that its profits fell by almost half in the first six months of the year, something it put down to a surge in claims due to Storm Éowyn. Its claims increased by €96.1 million over the six-month period, which it said mainly reflected the poor weather in January due to Storm Éowyn, as well as the cold spell. FBD said the month's weather events cost it €30.6 million. It described Storm Éowyn as 'an unprecedented weather event' as it set new records for wind speeds at various locations. As of June, 90 per cent of claims notified had been fully resolved with the remainder progressing towards finalisation, FBD said. The damage from the storm extended beyond the insurance industry also. It is believed to have levelled up to €500 million of timber in commercial forests, according to industry calculations based on the latest Government damage estimates. The Department of Agriculture reported that the storm blew down 23,625 hectares of forest in the Republic. In addition, more than €5.2 million in humanitarian assistance was paid to households affected by Storm Éowyn, which exceeded the annual totals for payments under the scheme for every year since at least 2017. Some 66,887 claims were made.
