AGM Statement

FBD Holdings PLC
27 April 2005


                      FBD HOLDINGS AGM ON 27TH APRIL 2005
                    ADDRESS OF MR. MICHAEL BERKERY, CHAIRMAN

                                 PRESS RELEASE
The year to December 31st 2004 was the most successful year ever in the history
of FBD Holdings. This success is reflected in the operating profit figure of
€126 million. an increase of 8.9 per cent on 2003. Earnings per share, at 259
cent, are up 8.7 per cent and net assets per share grew by 31.5 per cent to 888
cent. The dividend has been increased to a new level, signalling the Board's
intention to move dividend cover in line with market norms in due course.

In relation to insurance underwriting, the past couple of years have been
favourable for insurers and policyholders alike. Underwriting results have been
positive and policyholders have benefited from significant premium reductions.
An improved claims environment has emerged from the various reform measures
introduced or planned, arising from the 2002 MIAB Report. All interested parties
must ensure that the momentum driving the improvements is not in danger of
stalling. For example, The Inter Ministerial Committee of the Tanaiste, the
Minister for Justice and the then Minister for Transport, played a key role in
advancing the reform agenda. However, this Committee was not reconstituted after
the Cabinet changes last autumn. In light of the increasing numbers of road
deaths and accidents over the past year, greater efforts should be made to get
the Garda traffic corps up and running. On the claims front, the successful
Court challenge to the PIAB, whose primary purpose is the elimination of the
excessive legal costs associated with personal injury claims, rings a cautionary
bell. There is also evidence that some Court awards are at the higher, and
higher plus end of the PIAB's Book of Quantum. This is not what was anticipated.
All these matters highlight the need to maintain the focus in order that the
reform agenda be maintained.

Returns in FBD's property and leisure interests have not been immune from global
events and economic developments. The fall out from Iraq, dollar weakness and
the sluggish European economy have all impacted. In Ireland the extension of tax
breaks associated with hotel developments has been called into question by the
hotel industry. Overcapacity in the market is a reality and any further
extension of the tax break beyond the July 2006 deadline would be a matter of
concern. Additional visitors from abroad are essential to meet the bedroom
supply. The Government should move as speedily as possible to make the new
terminal at Dublin Airport a reality.

Everyone recognises the importance and relevance of Corporate Governance and
Directors' Responsibilities. Concern has been expressed by many reputable
practitioners that some of these measures are over prescriptive and are not
necessarily performance enhancing. A burgeoning industry adding substantial
costs is emerging. It is questionable whether due regard for the cost/benefit
impact on individual enterprises has been taken into consideration. The recent
comments by EU Commissioner Charlie McCreevy querying the increasing regulatory
burden and advising of the need to ensure that unnecessary red tape is not
imposed on business are welcome.

As regards FBD's prospects, the buoyant economic situation in Ireland provides a
positive platform to maximise our strong position in our target insurance and
financial service markets. Plans to grow FBD's presence in Dublin and in other
cities are well advanced and are bearing fruit. On the leisure and property
side, development continues at home and abroad. In addition to the recent
opening of the new Castleknock Hotel and Country Club in Dublin, FBD increased
its stake from 75% to 100% in the Tower Hotel Group. In a subsequent transaction
FBD sold the Castlerosse Hotel in Killarney. In Spain, the third course at La
Cala is now open and the house building programme is continuing. The Group is
pursuing clearly defined development plans and I am confident that we will
continue to achieve our objectives.

Ends. April 27th 2005

For further information please contact:

Murray Consultants     01 498 0300
Joe Murray             086 253 4950
Lisa Hallinan          086 855 8509




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