Latest news with #FBDHoldings
Agriland
4 days ago
- Business
- Agriland
FBD Holdings Plc sees €17m profit before tax for half year 2025
FBD Holdings Plc has reported a profit before tax of €17 million in its Half Yearly Report for the six months ended June 30, 2025 published today , Friday August 8. Some other highlights of the interim financial statements include a special dividend approved of 75c per ordinary share, return on equity (ROE) of 6% and combined operating ratio (COR) of 94.2% reflecting the impact of January 2025 weather events. This was offset by underlying underwriting profitability and favourable prior year reserve development, according to the company. January 2025 weather events are expected to have a net cost of €30.6 million (including reinstatement premium), according to the report. Established in the 1960s by farmers for farmers, FBD has become a leading general insurer serving the needs of farmer, business and retail customers. It has 34 offices throughout Ireland and a multichannel distribution strategy. Its half yearly report also shows that gross written premium (GWP) increased by 10% to €249 million. Insurance revenue increased by 11% to €235 million. Almost two-thirds of the average premium increase of 6.1% relates to customers increasing their level of insurance cover and changing business mix. There was policy count growth of 3.8% across the 'Farmer', 'Business' and 'Retail' sectors, with over half of the increase coming from 'Farmer' category. FBD Holdings stated that there is allocated capital of €4 million for share repurchase over the remainder of 2025. "Our capital position remains strong with a Solvency Capital Ratio (SCR) of 202% (unreviewed) after allowing for the special dividend and share repurchase compared to 197% at 31 December 2024 (which allowed for January 2025 weather events)," the report outlined. Another highlight for the company was that FBD was winner of the 2025 CSR / Community / Green Loyalty Programme at the Irish Loyalty Awards. Commenting on the results, group cheif executive, Tomás Ó'Midheach said: "We are pleased to announce a strong underlying performance for FBD for the first six months of 2025. "Our customer focused strategy continues to deliver, with the strong momentum built over recent years carrying through into 2025. "...Customer retention remains consistently high, underpinned by the strength of our nationwide branch network, which provides trusted local expertise and support to the communities we serve. "We welcome the recent publication of the government's Action Plan for Insurance Reform 2025-2029. Building on our support for the first action plan, we remain committed to this next phase and will continue to work closely with all stakeholders to help deliver progress on key priorities," the CEO said. He admitted that the first half of this year was not without challenge and that severe weather events, including heavy snowfall in January and Storm Éowyn led to a significant surge in claims activity. "It is during these times that our customers rely on us the most," Ó'Midheach continued. "As of today, circa 90% of the weather-related claims have been resolved with the remainder progressing towards finalisation. Despite volatility in investment markets, our investment return through the Income Statement has remained positive year to date. "Maintaining a strong capital position while delivering sustainable dividends continues to be one of our key goals. We are very pleased to confirm our board [has] approved a special dividend of 75c per ordinary share. Our solvency capital ratio of 202%, which, after distributions, remains in excess of our target risk appetite, reflects the financial strength and stability of our business," he said.
Agriland
08-05-2025
- Business
- Agriland
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.
RTÉ News
08-05-2025
- Business
- RTÉ News
FBD Holdings' Gross Written Premium up 10% on last year
Insurance group FBD Holdings said today it remains confident in the underlying profitability, future growth prospects and capital strength of the business. In an address to be delivered at the company's AGM today, chief executive Tomás Ó Midheach will tell shareholders that FBD's growth momentum has been sustained with Gross Written Premium (GWP) increasing by about 10% on the same time last year. The CEO said the emphasis the company places on building and maintaining relationships with customers has resulted in increased policy count across its 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 added. FBD had said in a trading update in February that profitability in the year to date had been impacted by the cold spell of January and Storm Éowyn. It said today that progress is being made in settling claims from these events quickly and fairly, adding that its reinsurance programme provides cover for extreme events and will mitigate the financial impact to FBD. "As previously disclosed, the overall net cost (including reinstatement premium) for January 2025 weather is expected to be approximately €30m. The underwriting profitability, excluding the weather events, is solid and in line with expectations," its CEO said today.
