Latest news with #ÓMidheach
Irish Examiner
08-08-2025
- Business
- Irish Examiner
FBD profits fall on storm claims
FBD reported a profit before tax of €17m for the first half of the year as insurance revenue rose by 11% to €235m. However, this profit is a decrease from €32.3m in the first half of 2024, largely due to the increased claims from the weather aevents. FBD said heavy snowfall in January and Storm Éowyn led to a significant surge in claims. The weather events are expected to have a net cost of €30.6m, and approximately 90% of these claims have been resolved. The impact of these events is reflected in the Combined Operating Ratio (COR), which increased to 94.2% from 87.7% in the previous year. However, FBD has updated its guidance, stating that a COR in the low 90s is achievable for the full year 2025. "Gross Written Premium (GWP) increased by approximately 10% compared to the same period in 2024," chief executive Tomás Ó Midheach said. "Customer retention remains consistently high, underpinned by the strength of our nationwide branch network." The FBD board also approved a special dividend of 75 cent per ordinary share and has set aside €4m for share repurchase for the remainder of 2025. Net asset value per ordinary share stood at 1,308 cent, a slight decrease from the end of 2024, as dividends paid exceeded profits accrued in the period. "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 have approved a special dividend of 75 cent per ordinary share," Ó Midheach said. FBD's share price touched €14.20 in trading yesterday and is up more than 12% this year. "We are confident that our relationship driven approach, supported by a digitally enabled, data enriched organisation will continue to deliver long-term value for our customers and stakeholders alike," Ó Midheach said. In its report, FBD acknowledged risks associated with global economic shifts, such as deglobalisation and changes in taxation, which could impact the Irish economy. The potential for more frequent and severe weather events is also noted as a risk that could affect the cost and availability of reinsurance. In a note on the results, Davy said FBD delivered another strong performance in H1 built on growth in customers and premiums.
RTÉ News
08-08-2025
- Business
- RTÉ News
FBD first half profits fall almost 50% due to storm claims
Profits at FBD almost halved in the first half of the year when compared to the same period last year due to a rise in claims following Storm Éowyn. The company reported profits before tax of €17 million, down from €32 million. Tomás Ó Midheach, Group Chief Executive of FBD said the first half of the year was not without challenge. "Severe weather events, including heavy snowfall in January and Storm Éowyn led to a significant surge in claims activity," he explained. "It is during these times that our customers rely on us the most. "As of today, circa 90% of the weather-related claims have been resolved with the remainder progressing towards finalisation," he added. The company expects the January weather events to have a net cost of €30.6m. Today's results show that insurance revenue increased by 11% to €235m in the first six months of the year, with gross written premium (GWP) increasing by 10% to €249m. "Maintaining a strong capital position while delivering sustainable dividends continues to be one of our key goals," said Mr Ó Midheach. "We are very pleased to confirm our Board have approved a special dividend of 75 cent 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 added. Looking ahead to the second half of 2025, Mr Ó Midheach said the company is focused on maintaining its momentum. "While mindful of ongoing uncertainties in the external environment, we are confident that our relationship driven approach, supported by a digitally enabled, data enriched organisation will continue to deliver long-term value for our customers and stakeholders alike," he added.
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.
