Trading Statement

RNS Number : 2270C

FBD Holdings PLC

06 February 2020

 

FBD Holdings plc

FBD Insurance plc

Trading Update

6^th February 2020

FBD Holdings plc ("FBD") is today issuing a trading update for the year ended 31 December 2019 ahead of the publication of its Full Year ("FY") results on 27 February 2020.

2019 Financial Highlights  

2019 FY Profitability is expected to be significantly ahead of market expectations with profits before tax expected to be at least €100m.

Trading was ahead of expectations as a result of a combination of factors including:

-     strong positive prior year reserve development;

-     exceptionally benign weather throughout the year; and

-     better than expected investment returns.

Preparation of the FY 2019 results is on-going and subject to our usual audit and corporate governance processes. 

FBD expects that its Solvency Capital Ratio ("SCR") as at 31^st December 2019 will be in excess of 180%. This is after allowing for any potential proposed dividend in line with our existing dividend payout policy.  In addition, for the first time, the SCR also excludes from calculations of regulatory solvency capital a substantial portion of the value of the Company's TIA policy administration system.  The TIA system is the principal operating and core technology platform of the business.  The impact of this change in the SCR calculation is a reduction of eight percentage points.  There is no impact on IFRS Balance Sheet.

Full details of FBD's 2019 financial results will be released on 27 February 2020.

This announcement contains inside information.

Enquiries	Telephone
FBD Holdings plc
Michael Sharpe, Investor Relations	[phone]
Powerscourt
Jack Hickey	[phone]

About FBD Holdings plc

FBD is one of Ireland's largest property and casualty insurers, looking after the insurance needs of farmers, consumers and business owners. Established in the 1960s by farmers for farmers, FBD has built on those roots in agriculture to become a leading general insurer serving the needs of its direct agricultural, small business and consumer customers throughout Ireland. It has a network of 34 branches nationwide.

The following details relate to FBD's ordinary shares of €0.60 each which are publicly traded:

Listing	Euronext Dublin	UK Listing Authority
Listing Category	Premium	Premium (Equity)
Trading Venue	Euronext Dublin	London Stock Exchange
Market	Main Securities Market	Main Market
ISIN	IE0003290289	IE0003290289
Ticker	FBD.I or EG7.IR	FBH.L

FBD Holdings plc, FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number 135882

 

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