FBD 2019 profits set to be at least €100 million

FBD has released a preliminary trading update for the year ended December 31, 2019, indicating a profit before tax of “at least” €100 million.

The company will be revealing its full year (FY) results on February 27.

The trading update explained that 2019 profitability is expected to be “significantly ahead of market expectations”.

FBD had attributed this strong performance to a number of factors, including:

  • Strong positive prior year reserve development;
  • exceptionally benign weather throughout the year;
  • Better than expected investment returns.

FBD says that preparation of the FY 2019 results is on-going, and subject to audit and corporate governance processes.

The company also expects that its solvency capital ratio (SCR) as of December 31, 2019, will be 180%. This is after allowing for any potential proposed dividend in line with existing divided payout policy.

In addition – for the first time – the SCR also excludes from calculations a substantial portion of the value of the Company’s TIA policy administration system.

The TIA system is the principal operating and core technology platform of the business. The impact of this change in the SCR calculation is, according to FBD, a reduction of 8%. There is no impact on the IFRS balance sheet.

Farm management app

In other agri-business news, Livestock Live Software (LSL) has released its ‘Farm Management’ app across Ireland. The app has no subscription fee and is free to use.

The app is reportedly approved and certified by the Department of Agriculture, Food and the Marine.

The app includes a ‘farm monitor’ icon, which enters the user into the farm and herd management area. Furthermore, this leads on to areas, such as ‘herd’, where you can manage your herd and record animal movements. It also includes a paperless calf registration option.