Insurance company FBD Holdings is to report a “solid” trading performance to date this year, despite the impact of storms, particularly Storm Isha.
FBD Holdings chief executive, Tomás Ó Midheach will present the update to shareholders during the company’s Annual General Meeting (AGM) at the Irish Farm Centre in Dublin this morning (Thursday, May 9).
The insurer is continuing to work closely with customers to compensate them for the storm damage caused to their homes, farms and businesses.
FBD Holdings
In a trading update ahead of the AGM, Ó Midheach said that the “underlying underwriting profitability of the business continues to be sound, despite continued inflation in property and motor damage claims”.
He is expected to report that gross written premium (GWP), that is all money collected from customers for insurance premiums, has increased by approximately 9% compared to the same period in 2023.
“The growth in premium has come from increased new business policies written in business, retail and in particular farm.
“We maintain strong retention of our existing customer base while simultaneously growing in policy count.
“Our key focus is meeting the needs of our customers through the provision of a personalised service nationwide,” Ó Midheach said.
He will outline that FBD’s investment return has been positive in the year to date, reflecting higher income on reinvestment of the bond portfolios and positive performance in the equity markets.
This has been offset by negative other comprehensive income arising from volatility in the mark to market value of the bond portfolio.
Shareholders
The AGM will hear that FBD remains “a strongly capitalised business” with a solvency capital ratio in excess of its stated risk appetite.
“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 value for both customer and shareholders,” Ó Midheach will tell the AGM.
The FBD Holdings chief executive will also welcome “the certainty” brought by the recent Supreme Court ruling relating to Personal Injury Guidelines, in the case of Bridget Delaney v Injuries Resolution Board.
He will say that the ruling reaffirms the insurer’s assumptions regarding the reducing cost of injury claims.
As previously reported by Agriland, shareholders will be asked to vote on a proposal to remove the FBD Holdings listing from the London Stock Exchange at today’s AGM.
The special resolution seeks to authorise the directors of FBD Holdings to apply for the cancellation of the listing of the company’s ordinary shares from the premium segment of the official list of the Financial Conduct Authority (FCA)
It would also entail removing the ordinary shares from trading on the main London Stock Exchange.
The primary listing of the company’s ordinary shares on the main market of Euronext Dublin will not be affected by the resolution.