Interim Results

FBD Holdings PLC
29 August 2001


                         INTERIM RESULTS ANNOUNCEMENT

                      FOR HALF YEAR ENDED 30TH JUNE 2001


                                   2001            2000        Increase
FINANCIAL HIGHLIGHTS          Euro000's       Euro000's            %

  * Turnover                    150,995         131,389         +14.9%

  * Gross Premium Written       115,464         100,326         +15.1%

  * Profit before Tax             8,422           7,342         +14.7%

  * Dividend per share            8.10c           7.20c         +12.5%

  * Net Asset Value per         402.55c         339.74c         +18.5%
    share



FBD Holdings plc announces a 15% increase in profit before tax to Euro8.4m.
Commenting on the results, Paul O'Callaghan, Chief Executive, stated:

'We have maintained our strong financial performance in the six months under
review. Turnover in all our businesses showed considerable growth, up 15% on
the previous year. Despite the significantly increased Motor Insurers' Bureau
claims charge, arising from uninsured motorists, which was up by Euro4.1m.,
the overall result for the Group shows profit before tax increasing by 15% to
Euro8.4m. for the period'.

ENDS    29th August 2001

For Reference

                                                    Telephone

FBD

Paul O'Callaghan,  Chief Executive

Philip Fitzsimons, Deputy Chief Executive          01 4093200

Murray Consultants

Joe Murray/Geraldine Kearney                       01 6326400


                               FBD HOLDINGS PLC


                                INTERIM STATEMENT

    FBD Holdings plc is pleased to announce that the Group maintained its
    strong financial performance in the six month period ended 30th June 2001.

    Turnover increased by 15% to Euro151m., profit before taxation increased
    by 15% to Euro8.4m. and shareholders' funds increased by 19% to Euro168m.,
    compared to the corresponding period last year. The interim dividend is
    being increased by 12.5% to 8.10 cents.

    Insurance Underwriting

    Operating profit for insurance underwriting increased by 9% - from Euro
    6.6m for the six month period to June 2000 to Euro7.2m for this period.
    Gross written premium increased by 15% to Euro115m. and attributable
    investment income grew by 20% to Euro13.3m. These positive figures were
    substantially offset, however, by the impact of an increase of Euro4.1m in
    the Motor Insurers' Bureau (Uninsured Drivers) charge. As a consequence,
    the improvement in our insurance technical result was restricted to 5%,
    from Euro5.0m. to Euro5.3m.

    Financial Services

    The contribution to profit of our general insurance and life assurance
    brokerages, IFSC and other financial services businesses amounted to Euro
    1.9m , which represents an increase of 36% on the first half of last year
    (Euro1.4m).

    Property/Leisure

    The performance of our property/hotel/golf interests in Ireland and
    abroad, was very satisfactory, contributing Euro3.9m. to our operating
    profit of Euro12.9m. In half year 2000, the contribution was Euro8.0m., a
    figure which, as highlighted then, was boosted substantially by the profit
    realised when the three year office development project in Guild Street in
    the IFSC was completed and sold.

    Operating Earnings per Share

    The Guild Street sale in April 2000 resulted in an exceptional EPS growth
    of 74% to 32.18 cents for half year 2000. EPS for the six months to June
    2001, under review, amounted to 25.19 cents, which is a 36% increase on
    the 30th June 1999 figure (18.47 cents) and reflects the underlying growth
    in our core trading divisions over the period.

    Balance Sheet

    Shareholders' funds have grown from Euro164.8 m. at 31st December 2000 to
    Euro168.2m. at 30th June 2001 after accounting for negative short term
    fluctuations in investments of Euro4.5m. during the period. The downturn
    in our gilt portfolio during the six months was a major factor in this
    negative short-term fluctuation.

    Interim Dividend

    The Directors have declared an interim ordinary dividend of 8.10 cents,
    compared to 7.20 cents in 2000, an increase of 12.5%.

    The interim dividend will be paid on 5th October 2001 to shareholders in
    the Company's Register at close of business on 7th September 2001. The
    interim dividend is subject to withholding tax ('DWT') except for
    shareholders who are exempt from DWT and have furnished a properly
    completed Capital Composite Resident Form to the Company's Registrar.



    Outlook

    Looking to the overall insurance environment, we share industry-wide
    concerns at the ever increasing costs arising from uninsured motorists.
    This cost is being borne by the law abiding, insured motorist. The best
    prospect for much-sought-after reduced motor premiums lies in the
    resolution by the appropriate authorities of this major issue, along with
    road safety improvement measures and changes in our compensation awards
    system.

    We are glad to report that the progress achieved in the first half year is
    being maintained in all our business divisions. The Group is well
    positioned for further profitable growth - our plans are being
    enthusiastically pursued and the necessary ongoing investment in resources
    to achieve our objectives is being undertaken (staff, business systems,
    facilities and our distribution network). We are confident that we will
    meet expectations for the full year.

    ENDS                                              29th August 2001



    UPDATE ON FBD DEVELOPMENTS

    FBD Holdings plc continues to expand its operations at home and abroad.


  * FBD House in Bluebell, Dublin, is currently in the final stages of a
    major building programme which will double the size of the premises to
    55,000 sq. ft. The extended Group Head Office will accommodate FBD
    Insurance, FBD Brokers and FBD Life staff numbering in excess of 300.

  * FBD Insurance now has 50 offices country-wide. A new office in
    Ballaghaderreen, Co. Roscommon, was the latest addition earlier this year.
    Other major local office building programmes are underway in Mallow,
    Killarney and Tralee.

  * The number of FBD Field Sales/Service staff, country-wide, has increased
    by one third in the last three years to over 100. The Group employs in
    excess of 700 staff in its Irish insurance businesses.

  * Business volumes continue to grow at FBD Insurance's Dublin Office in
    the IFSC serving the Greater Dublin area as well as through our branch
    offices. Whilst FBD is the leading provider of insurance to farmers, 50%
    of its total book of business is now accounted for by other commercial/
    retail business, such as pubs, shops etc.

  * At FBD's five star hotel and golf facility, La Cala Resort, Mijas in
    Spain, building on a 60 unit apartment complex has commenced, following
    the completion and sale of 34 townhouses in recent months.

  * The second phase of a multi-million pound investment programme to
    upgrade facilities at Sunset Beach Club in Benalmadena in Spain will
    commence in November 2001, with a scheduled completion date of April 2002.

  * Major investment in enhanced facilities is ongoing in the Tower Group
    hotels in Ireland, which are 50% owned by FBD.

  * Guild Global Securities, an associate company of FBD engaged in
    securities lending, commenced operations alongside FBD's IFSC division in
    recent months.

  * Work on Euro conversion is on schedule.

                                                                         EUROS

                               FBD HOLDINGS PLC

                        GROUP PROFIT AND LOSS ACCOUNT

                      FOR HALF YEAR ENDED 30TH JUNE 2001

                                      Half Year        Half Year           Year
                                          Ended            Ended          Ended
                                        30/6/01          30/6/00       31/12/00
                                    (Unaudited)       (Unaudited)      (Audited)
                                      Euro000's        Euro000's      Euro000's
                                                                          

Turnover                                150,995          131,389        269,493

Balance on the general business
Technical account                         5,277            5,045          8,727

Longer term investment return            15,020           12,483         25,406

Allocated investment return            (13,330)         (11,072)       (22,448)
transferred to the general business
technical account

Other income                              6,181            9,783         16,724

Other charges                             (230)            (264)          (537)

Operating profit Note 1                  12,918           15,975         27,872

Short term fluctuations in              (4,496)          (8,633)         12,479
investment return

Profit before taxation                    8,422            7,342         40,351

Taxation                                (1,623)              288        (5,296)

Profit after taxation                     6,799            7,630         35,055

Minority interests                        (180)            (205)          (423)

Profit after taxation and minority        6,619            7,425         34,632
interests

Dividends                               (3,385)          (3,003)        (7,502)

Retained profit                           3,234            4,422         27,130

Operating earnings per 60c ordinary      25.19c           32.18c         54.75c
share based on longer term
investment return

Earnings per 60c ordinary share          15.83c           17.85c         82.38c

Dividend per 60c ordinary share           8.10c            7.20c         17.25c

Net assets per 60c ordinary share       402.55c          339.74c        394.36c

Note 1 - Operating profit by
activity:

Insurance Underwriting                    7,176            6,598         12,090
Financial Services                        1,891            1,392          2,486
Property/Hotels                           3,851            7,985         13,296
                                         12,918           15,975         27,872


                                                                         EUROS

                               FBD HOLDINGS PLC

                             GROUP BALANCE SHEET

                             AS AT 30TH JUNE 2001

                                          As at            As at          As at
ASSETS                                  30/6/01          30/6/00       31/12/00
                                     (Unaudited)       (Unaudited)     (Audited)
                                      Euro000's        Euro000's      Euro000's
                                                                          

Investments                             657,503          589,085        639,158

Reinsurers' share of technical           34,550           47,458         33,332
provisions

Debtors                                  36,960           34,700         29,344

Other assets                             29,925           30,135         33,207

Prepayments and accrued income           25,154           16,192         16,448

TOTAL ASSETS                            784,092          717,570        751,489

LIABILITIES

Technical provisions                  (551,028)        (520,325)       (519,392)

Provision for other risks and           (5,128)          (5,088)        (6,712)
charges

Creditors                              (53,163)         (43,580)       (53,954)

NET ASSETS                              174,773          148,577        171,431

CAPITAL AND RESERVES

Ordinary share capital                   25,072           26,479         26,530

Share premium                             5,215            5,080          5,215

Reserves                                137,932          110,142        133,049


ORDINARY SHAREHOLDERS' FUNDS            168,219          141,701        164,794

Preference share capital                  3,093            3,093          3,093

Minority interests                        3,461            3,783          3,544

                                        174,773          148,577        171,431



                                                                         EUROS

                               FBD HOLDINGS PLC

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

For half year ended 30th June 2001

                                   Half Year         Half Year             Year
                                       Ended             Ended            Ended
                                     30/6/01           30/6/00         31/12/00
                                 (Unaudited)       (Unaudited)        (Audited)
                                   Euro000's         Euro000's        Euro000's


Retained profit                        3,234             4,422           27,130
Exchange translation adjustment          191              (96)              103


Total gains recognised in period       3,425             4,326           27,233


RECONCILIATION OF MOVEMENT IN

ORDINARY SHAREHOLDERS' FUNDS

For half year ended 30th June 2001
                                      Half Year        Half Year           Year
                                          Ended            Ended          Ended
                                        30/6/01          30/6/00       31/12/00
                                     (Unaudited)       (Unaudited)     (Audited)
                                      Euro000's        Euro000's      Euro000's
                                                                          

Profit after taxation and minority        6,619            7,425         34,632
interests
Less: preference dividends                    -                -          (298)
Profit attributable to ordinary           6,619            7,425         34,334
shareholders
Dividends                               (3,385)          (3,003)        (7,203)
New share capital issued                      -              443            628
Other recognised gains/(losses)             191             (96)            103
                                          3,425            4,769         27,862

Ordinary shareholders' funds at         164,794          136,932        136,932
beginning of period

Ordinary shareholders' funds at end     168,219          141,701        164,794
of period