FINANCIAL PERFORMANCE
Half Year Results 2019
FIONA MULDOON, CEO
"I am pleased to announce these strong 2019 half year results reflecting our excellent underwriting discipline, an exceptionally benign winter, some prior year reserve releases and supplemented by strong investment returns in the period.
Our premium levels are down marginally due to strong competition and modest rate decreases. FBD seeks to grow our business in the face of strong competition but we are also committed to underwriting discipline and to writing the risks we know and understand."
Key Performance Stats
For the Six Months ended 30 June 2019
€39mProfit before
tax
Increase compared with €18m profit for half-year 2018
83% Combined Operating
Ratio
Compared with 89% for half-year 2018
€190m Gross Written
Premium
Compared with €192m premium written in half-year 2018
896c Net Asset Value
per share
Increase compared to 800c equivalent figure for half-year 2018
"Our litigation claims costs continue to increase. The average cost of court awards, particularly for soft tissue injuries, remains too high. Despite some judicial progress in limiting court awards we have seen no meaningful progress on structural reform and Irish businesses continue to be held to impossible standards in personal injury cases.
We are committed to developing our business offering and we recently launched our new Farm product. It offers additional cover for pollution risks as well as extending public liability protection. We will launch a flexible new small business product soon that will suit many family owned businesses. FBD aims to be the Irish insurer of choice in a crowded and competitive market."
"These strong results position us well to support our core farming customer base amid the challenges posed by Brexit to the Irish economy."
