Final Results

FBD Holdings PLC 6 March 2001 PRELIMINARY ANNOUNCEMENT RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2000 2000 1999 HIGHLIGHTS - EURO Euro000's Euro000's * Gross premiums written 205,487 179,800 +14.3% * Operating profit 27,872 20,198 +38.0% * Operating earnings per 54.75c 39.08c +40.1% share * Dividend per share 17.25c 15.00c +15.0% * Net assets per share 394.4c 329.8c +19.6% Commenting on the results, Paul O'Callaghan, Chief Executive, FBD Holdings PLC , stated: 'Year 2000 was an excellent one for the FBD Group. Operating profits grew significantly, up by 38% to Euro27.9m. Core insurance and financial services profits rose by 9% to Euro14.6m. whilst our property business returned a growth of 96% to Euro13.3m. The property result was boosted by a substantial contribution from the sale of the Guild Street office block in the IFSC. The increase of 19.6% in net asset value per share (Euro394.4 cents) is also very good news for shareholders'. ENDS 6th March 2001 For Reference FBD: Paul O'Callaghan, Chief Executive Philip Fitzsimons, Deputy Chief Executive 01 4093200 Murray Consultants: Joe Murray/Geraldine Kearney 01 632 6400 FBD HOLDINGS PLC PRELIMINARY ANNOUNCEMENT FBD Holdings plc reports excellent results for the year ended 31st December 2000. Operating Profits Operating Profits increased very significantly from Euro20.20m. in 1999 to Euro27.87m. in year 2000, a rise of 38%. All of the Group's business divisions - insurance underwriting, financial services and property - contributed to this strong profit performance. Insurance Underwriting The technical insurance result improved from Euro6.6m in 1999 to Euro8.7m. in 2000. Premium growth of 14% and an increase of 12% in attributable investment income underpinned this outcome. The overall claims/premium ratio was similar to 1999, despite an improvement in our liability loss ratio. The latter improvement was offset by a deterioration in our motor account which suffered because of the particularly large increase in the MIB (Motor Insurers' Bureau) claims charge for uninsured motorists. This rose from Euro3.4m. in 1999 to Euro7.2m. last year and equated to a cost of IR£65 per car policyholder. Financial Services The contribution of our general insurance and life assurance brokerages, IFSC and other financial service interests is included in the Other Income figure of Euro16.7m. At Euro2.5m. these were at a similar level to 1999. Property Profits from the Group's property and hotel investments, which is also reported in Other Income were particularly substantial. They increased from Euro6.8m. in 1999 to Euro13.3m. in 2000. The profit on the completion of the Guild Street Office block in the International Financial Services Centre impacted significantly on this result. In addition, our Sunset Beach and La Cala investments in Spain delivered strong returns. Balance Sheet Total assets grew by 12% to Euro751m. and net asset value per share increased by 19.6% to Euro394.4 cents. This reflects the buoyant trading performance and the Stock Market recovery for Irish financial stocks and gilts held by the Group, in the second half of year 2000. Dividends In recognition of the excellent results achieved and in keeping with the Board's commitment to progressive dividend growth, the Directors are recommending a final dividend of 10.05c (IR7.915018p) per share. It is to be paid on the 27th April 2001 to shareholders in the Company's Register at close of business on the 16th March 2001. The final dividend is subject to withholding taxes (DWT) except for shareholders who are exempt from DWT and have furnished a properly completed Composite Resident Form to the Companies Registrar. Together with the interim dividend of 7.2c (IR5.670461p), total dividends amount to 17.25c (IR13.585479p), an increase of 15%. Outlook The Group continues to pursue its development plans and is confident that it will achieve its growth targets in all of its businesses. FBD Insurance, which is now the only significant, independent, Irish-controlled insurance company in the domestic market, is uniquely positioned to profitably increase its market share. Against the background of ongoing overseas-led consolidation in the Irish Insurance Industry, with consequent overseas-determined decision making, FBD's proven expertise in and knowledge of the market place combined with the Company's flexibility in meeting customer needs, presents us with increased opportunities to grow. FBD Insurance opened its first office in Dublin city centre during 2000 and will open an additional new branch in Ballaghaderreen on 12th March next. The prospects for the Group's other financial service and property businesses remain very positive, with returns from our property investments in Spain targeted to grow considerably. Trading in the year to date has been excellent and augurs well for the future. The Agri-sector continues to be a key customer segment for FBD and the Group is closely monitoring the current situation regarding Foot and Mouth disease. A very small number of farmers have Foot and Mouth cover in place with FBD, however this cover is no longer available. In line with all those who appreciate the importance of farming in Ireland, FBD realises the dreadful impact this crisis could have on farm families and this economy. It is the responsibility of every individual in the country to make themselves aware of the dangers and comply with all the regulations laid down by the Department of Agriculture. GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2000 EUROS 2000 1999 Euro Euro 000's 000's Turnover 269,493 229,966 Balance on the technical account - general business 8,727 6,568 Longer term investment return 25,406 24,307 Allocated investment return transferred to the general (22,448) (20,067) business technical account Other income 16,724 10,968 Other charges (537) (1,578) Operating profit Note 1 27,872 20,198 Short term fluctuations in investment return 12,479 (27,430) Profit/(loss) before taxation 40,351 (7,232) Taxation (5,296) 7,764 Profit after taxation 35,055 532 Minority interests (423) (204) Profit after taxation and minority interests 34,632 328 Dividends (7,502) (6,546) Retained profit/(loss) 27,130 (6,218) Cents Cents Operating earnings per 50p ordinary share based on longer 54.75 39.08 term investment return Earnings per 50p ordinary share 82.38 0.08 Dividends per 50p ordinary share 17.25 15.00 Net assets per 50p ordinary share 394.4 329.8 Note 1 - Operating profit by activity Insurance/Reinsurance 12,091 10,829 Financial services 2,486 2,568 Property/Hotels 13,295 6,801 27,872 20,198 GROUP BALANCE SHEET AS AT 31ST DECEMBER 2000 EUROS 2000 1999 Euro000's Euro000's ASSETS Investments 639,158 560,953 Reinsurers' share of technical provisions 33,332 38,379 Debtors 29,344 27,396 Other assets 33,207 28,601 Prepayments and accrued income 16,448 15,902 TOTAL ASSETS 751,489 671,231 LIABILITIES Technical provisions (519,392) (489,074) Provision for other risks and charges (6,712) (7,814) Creditors (53,954) (30,634) NET ASSETS 171,431 143,709 CAPITAL AND RESERVES Ordinary share capital 26,530 26,360 Share premium 5,215 4,756 Reserves 133,049 105,816 ORDINARY SHAREHOLDERS' FUNDS 164,794 136,932 Preference share capital 3,093 3,093 Minority interests 3,544 3,684 171,431 143,709 GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2000 EUROS 2000 1999 Euro000's Euro000's Net cash inflow from operating activities 91,502 68,525 Dividends paid (6,830) (6,101) Corporation tax paid (1,446) (2,425) Capital expenditure (3,627) (3,246) Financing 629 (14,998) 80,228 41,755 Cash flows were invested as follows Decrease in cash holdings (160) (1,416) Net portfolio investment Quoted shares 16,791 (734) Quoted debt securities (130,520) 102,595 Unquoted shares 2,176 507 Deposits with banks 176,393 (85,940) Loans and advances 13,909 6,106 Land and property 1,639 20,680 Leases - (43) 80,388 43,171 Net investment of cash flows 80,228 41,755 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31ST DECEMBER 2000 EUROS 2000 1999 Euro000's Euro000's Retained profit/(loss) 27,130 (6,218) Exchange translation adjustment 103 1,656 Total gains / (losses) recognised in year 27,233 (4,562) RECONCILIATION OF MOVEMENT IN ORDINARY SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 31ST DECEMBER 2000 EUROS 2000 1999 Euro000's Euro000's Profit after taxation and minority interests 34,632 328 Less: preference dividends (299) (299) 34,333 29 Dividends (7,203) (6,247) New share capital issued 629 236 Other recognised gains 103 1,656 27,862 (4,326) Ordinary shareholders' funds at beginning of year 136,932 141,258 Ordinary shareholders' funds at end of year 164,794 136,932 TECHNICAL RESULT BY CLASS OF BUSINESS YEAR ENDED 31ST DECEMBER 2000 Net Net Allocated Technical Earned Claims Net Op Underwriting Inv Result Premiums Incurred Expenses Result Income Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Direct insurance Motor 105,097 (111,883) (16,042) (22,828) 13,321 (9,507) Liability 29,529 (30,588) (4,965) (6,024) 6,236 212 Fire & 31,923 (19,412) (1,549) 10,962 1,577 12,539 Property Other 2,975 (2,259) (176) 540 189 729 Total 169,524 (164,142) (22,732) (17,350) 21,323 3,973 direct insurance Reinsurance 1,114 2,798 (282) 3,630 1,124 4,754 acceptances Total 170,638 (161,344) (23,014) (13,720) 22,447 8,727 YEAR ENDED 31ST DECEMBER 1999 Net Net Net Op Underwriting Allocated Technical Earned Claims Premiums Incurred Expenses Result Inv Result Income Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Direct insurance Motor 92,663 (93,149) (14,828) (15,314) 11,536 (3,778) Liability 24,978 (33,229) (4,156) (12,407) 5,581 (6,826) Fire & 28,314 (15,529) (2,406) 10,379 1,536 11,915 Property Other 2,895 (2,367) (375) 153 199 352 Total 148,850 (144,274) (21,765) (17,189) 18,852 1,663 direct insurance Reinsurancd 761 3,343 (414) 3,690 1,215 4,905 acceptances Total 149,611 (140,931) (22,179) (13,499) 20,067 6,568

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