AGM Statement

FBD Holdings PLC
29 April 2003



                    STRONG GROWTH REPORTED AT FBD GROUP AGM

Addressing the AGM of FBD Holdings, plc today, Chairman Mr Michael Berkery,
reported another excellent year for the FBD Group with an improved underwriting
result from the motor insurance account, a positive contribution from financial
services and strong growth in the Group's property and leisure businesses.

The headline figures for the year ended December 2002 were:

   •Turnover of €422m., an increase of 23.1%.

   •Gross premiums written of €326m., an increase of 31.4%

   •Operating profit of €37.5m., an increase of 24.3%.

The Chairman highlighted the growth in total assets, which is in excess of €1bn
and is he said a milestone for the Company. He also referred to the Company's
consistent and progressive dividend policy, evidenced by an average annual
increase in dividend of 14.4% over the previous 10 years which he said is
equalled by few, if any, other companies.

Mr Berkery welcomed the Government's efforts to reduce road accidents which, in
turn, will reduce claims costs and have a positive impact on premium charges. In
particular, he noted the achievement of Minister Brennan in introducing the
penalty points system, which to date has contributed to a reduction in speeding
and there are indications of a fall in the incidence of motor claims.

'While there has been some greater realism in recent personal injuries awards by
the judiciary, the Insurance Industry is awaiting the impact of the PIAB on
reducing the overall cost of claims. To this end the establishment of the PIAB
on a statutory basis is a priority for the industry.

'In common with other motor insurers, FBD has seen a reduction in the incidence
of claims. This is reflected in our motor results for 2002, where underwriting
losses reduced from €22.3m. to €10.2m. This is most encouraging against the
background of accumulated losses of €93.8m.on this account over the last five
years. It augurs well for both FBD and our customers and if this current trend
delivers acceptable loss ratios, it is realistic to expect reductions in
premiums in the short to medium term' said Mr Berkery.

Commenting on the Property and Leisure side of the Group's business he stated
that activities in Ireland and abroad continued to progress in 2002,
contributing €9m. to operating profit.

'In Spain the La Cala Resort and Sunset Beach Hotel delivered in line with
expectations. In Ireland we increased our shareholding in the Tower Hotel Group
from 50% to 75% and our results reflect its consolidation within the Group. The
Tower Hotel Group has six modern hotels, well located in Ireland and, despite
the difficult tourism climate, reported a very good performance for the year.'

ENDS         29th April 2003

For Reference

Murray Consultants       353 1 498 0300

Joe Murray / Geraldine Kearney


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