FBD HOLDINGS PLC ANNUAL REPORT 2021
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In this Report
Strategic Report
Financial Highlights 2
Our Purpose 3
Chairman’s Statement 4
Review of Operations 7
FBD’s Business Model 14
Our Strategy 16
Risk & Uncertainties Report 18
Environmental, Social & Governance
Environmental 27
Social 36
Governance
Board of Directors 46
Corporate Information 49
Report of the Directors 50
Corporate Governance 54
Nomination & Governance Report 66
Report on Directors’ Remuneration 69
Directors’ Responsibilities Statement 85
Financial Statements
Independent Auditors’ Report 87
Consolidated Income Statement 98
Consolidated Statement of Comprehensive Income 99
Consolidated Statement of Financial Position 100
Consolidated Statement of Cash Flows 102
Consolidated Statement of Changes in Equity 103
Company Statement of Financial Position 104
Company Statement of Cash Flows 105
Company Statement of Changes in Equity 106
Notes to the Financial Statements 107
Other Information
Alternative Performance Measures 165
1
Strategic Report Environmental, Social & Governance Financial Statements Other Information
2021 Performance Highlights
Profi t before tax
€110.4m
(2020: €4.8m)
Return on Equity
23%
(2020: 1%)
Combined operating ratio
71.5%
(2020: 101.4%)
Net Asset Value
1,338c
(2020: 1,095c)
Gross premium written
€366m
(2020: €358m)
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Established in the 1960s by farmers for
farmers, FBD has built on our roots in
agriculture to become a leading general
insurer directly serving the needs of
Farmer, Business and Retail customers
throughout Ireland.
FBD at a Glance
Further information on the above measures is found in Alternative Performance Measures on 165 and 166.
Strategic Report
2 FBD Holdings PLC Annual Report 2021
Financial Highlights
2021
€000s
2020
€000s
Gross premium written 366,328 358,230
Underwriting profit/(loss) 95,197 (4,379)
Profit before tax 110,435 4,802
2021
Cent
2020
Cent
Basic earnings per share 274 13
Diluted earnings per share 268
1
12
1
Net asset value per share 1,338 1,095
Ordinary dividend per share proposed 100 –
Ordinary dividend per share paid – –
2021
%
2020
%
Combined operating ratio 71.5% 101.4%
Return on equity 23% 1%
1
Diluted earnings per share reflects the potential vesting of share based payments
Further information on measures referred to in our Financial Highlights is found in Alternative Performance Measures on pages 165 and 166.
Financial Calendar
Preliminary announcement 4 March 2022
Annual General Meeting 12 May 2022