FBD Group 2018

Strategy

FBD was established in the 1960s by farmers for farmers. We have built on our
roots in agriculture to become a leading insurer in Ireland serving the needs of
Farmers, Businesses and Retail customers.

Our Purpose

FBD's purpose is to support, protect and stand with Ireland's people, families, farmers and business to enable our customer to grow and thrive.

We are proud of our roots in farming; of our Irish heritage and of FBD's proposition for this market. A proposition that has developed and evolved through our rich expertise; customer knowledge and our immersion in the communities we serve. We appreciate the trust of our customers.

We evolve to meet the changing needs of our customers and the next generation of customers.

We continue to support families and family businesses in the same way we have supported Ireland's farmers for generations. We continue to carefully grow our business, building the FBD brand and securing FBD's future.

FBD of 2028

A digitally enabled, data enriched organisation which delivers an excellent customer and employee experience, while also delivering for our stakeholders.

1. Our customer: we have a complete picture of them, understand them and deliver a proposition they value.

2. Wider society & ESG: we are recognised as the local insurer, supporting and sustaining our local communities. Delivering on our sustainability commitments and supporting our customers in theirs.

3. Our people: foster individual and organisational effectiveness.

4. Delivering measured profitable growth: through a sharp focus on value, growth and innovation.

Strategy Delivering

Robust Franchise

Providing our customers with a valued proposition

Consistently excellent retention levels

Market Leader in Farmers insurance

Relating to customers directly with informed advice

Growing

Delivering measured profitable growth through relationship strategy

Farmer average customer policy holding up from 3.2 to 3.4 policies

Business up from 2.1 to 2.2

Partnerships established and delivering

Return

€143m capital returned since 2022

3rd year of double-digit ROE (15%+ ave.)

Focus on annual dividend sustainability while maintaining a robust capital position

Well Capitalised

Solvency Capital ratio of 213% (unaudited) after ordinary dividend and share repurchase

Investment Strategy matched with liabilities

SCR Risk Appetite 150%-170%

Intent is to move closer to target SCR

Further information on the FBD strategy

Customer relationship strengthening

Measure through a customer lens
Segment and understand our customer and business

Create capacity
Enhance customer and employee experience

A proposition our customers are willing to pay for and stay for. One that delivers a sustainable margin for FBD.

Foster individual and organisation effectiveness

Understand our customers better
Enhance our customer and employee experience

Enhance our claims proposition & continue to differentiate at the key moment of truth

Delivering on our sustainability commitments and supporting our customers in theirs

FBD Group 2018