FBD has announced losses of €84m for 2015, citing prior year claims, but says it has stabilised during the first half of 2015.

It also announced that its Chairman Michael Berkery will retire in 2017, after overseeing reorganisation of the company.

Fiona Muldoon, Group Chief Executive, said after an exceptionally difficult year FBD has stabilised.

“We have delivered on the commitments made to our shareholders last summer. Our corrective pricing and risk selection actions are building momentum towards restoring profitability.”

FBD Holdings plc also announced changes to its governance arrangements which were approved by the Directors last week.

The Group and its principal subsidiary, FBD Insurance plc will have a board comprised of the same directors and the dual board structure currently in operation will be retired.

It says this new structure will be implemented over the coming months as appointments are made and regulatory approvals obtained.

It says the change reflects FBD’s business mix following the disposal of the Group’s property and leisure joint venture during 2015.

The Group Chairman, Michael Berkery, has indicated that he will retire from the Board at the Annual General Meeting in 2017.

Eddie Downey – still on FBD Board

It also announced that four members of the board, including the former IFA President Eddie Downey will continue in office until April 29, 2016. However, it also said that he will not be putting himself forward for re- election at the Annual General Meeting.

He and three others will cease to hold office from the conclusion of the 2016 Annual General Meeting. Eddie Downey receives €30,000 in Directors fees from FBD.

Michael Berkery said he and the Board deeply appreciated the contribution of the exiting Board members, including Eddie Downey.