AGM Statement

FBD Holdings PLC
27 April 2004




    FBD Chairman calls for adequate funding to implement agreed road safety
                                   strategy.

Addressing the AGM of FBD Holdings plc today, the Chairman, Mr. Michael Berkery,
referred to the tragic impact of increasing road deaths this year compared with
the same period last year. 'There is an absolute necessity for a vigorous
programme of enforcement by the Garda Siochana of the penalty points system,
which will be the key factor in improved driving habits, in the reduction of
death and injury on our roads and in the economic cost - especially for premium
payers' he said.

The Chairman called on Government to ensure that proper resources are put in
place to curb the carnage. 'The agreed strategies to improve road safety, with
consequent further reductions in premium levels, must be adequately funded and
fully implemented', he added.

2003 was a very successful year for FBD Holdings plc. Mr Berkery stated that all
of the Group's key business units in its insurance/financial services and
property/leisure divisions contributed to the success. The Group generated very
strong growth in operating profit, with insurance activities delivering a
particularly favourable performance. For the first time since FBD was
established, the Company achieved an underwriting profit in motor and liability
business. This turnaround was due to a reduction in the number of personal
injury claims reported and also the lower than anticipated awards in the past
year.

The Chairman said that the improved claims environment has been brought about by
the reform measures which the Insurance Industry, Government, business and
consumers are pursuing. This concentrated effort to eradicate Ireland's hitherto
rampant claims culture is evidenced in the positive underwriting result.

The meeting approved the payment of a final dividend of 17 cent per share,
making a total of 27.6 cent for the year, which is an increase of over 25% on
the 2002 dividend. Mr Berkery noted that the significant increase in dividend
reflected the excellent results achieved and continued the consistent and
progressive dividend policy referred to in his Statement last year. He confirmed
that it was the intention of FBD to continue with this policy in the future.

In relation to the improved claims environment, he said: 'It is incumbent on
Government in particular, to maintain the momentum for reform. Resources must be
allocated to road safety initiatives and to fully implementing the penalty
points regime. Otherwise, there is a real risk, through complacency, that we
will revert to the old ways, re-igniting the claims premiums spiral.

'We look to the new Personal Injuries Assessment Board to give an additional
impetus to the reduction of claims costs, and we call for early enactment of the
Civil Liability & Courts Bill. These legal initiatives hold considerable promise
and augur well for both shareholders and customers' he added.

The Chairman again highlighted the lack of progress that has been made on
uninsured drivers. In 2003, FBD's share of uninsured driver claims cost the
Group a total of €7.8m., up €0.5m. on 2002.

He also highlighted FBD's premium reductions in motor and other business classes
during 2003, and confirmed that a continuation of the favourable claims trends
and improving underwriting performance will lead to further premium reductions
in particular categories of insurance, this year.

Prospects
Year to date performance indicates that FBD's business targets for 2004 will be
achieved. FBD continues to grow its business in existing markets and in new
markets. Particular attention is being focused on developing the business in the
greater urban areas, and Dublin in particular, where a major recruitment
campaign is currently underway.

Ends.                                      Tuesday, 27th April 2004

For further information contact:

Murray Consultants
Joe Murray / Donnchadh O'Neill             01 498 0300



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