Half Year Results 2020
Paul D'Alton, Interim Group Chief Executive
"These are a robust set of results in very difficult circumstances for our customers and employees. Our profitability excluding the business interruption costs and capital position remain strong and we continue to invest in our business for the future.
We have introduced a number of measures to assist our customers through the Covid-19 pandemic including premium rebates, suspension of cover reductions and payment flexibility where required. We have also assisted customers with a wide range of supports reflecting the changed environment for individuals and businesses. We are grateful to our loyal customers for their continued support. "
Key Performance Stats
For the six months ended 30 June 2021
Compared with €9m loss for half-year 2020
92% Combined Operating Ratio
Improvement compared with 103% equivalent figure for 2020
€181mm Gross Written
Increase vs €176m premium written in half-year 2020
1137cNet Asset Value per share
Increase compared to 1,035c equivalent figure for half-year 2020
10% Return on Equity (annualised)
Compared with equivalent figure of -4% for half year 2020
"From an operational perspective our business continuity plans continue to work very well. Service to customers has been maintained and in FBD it has been business as usual. The vast majority of our employees have worked remotely since late March and we are now commencing a slow process of returning to the office. As part of this process our branches reopened to customers on 29th June.
We have experienced a lot of publicity in recent months regarding business interruption claims by customers. We acknowledge the disappointment and frustration of affected businesses that their Business Interruption insurance does not respond to cover pandemics. However, we are unable to provide cover for what we believe to be, and are advised is, an uninsured risk not covered by our policies. We have a duty to all of our customers to settle claims consistently with the coverage provided so that we can continue to offer products at affordable pricing levels and pay valid claims. Proceedings will be brought, by way of test case, which is now scheduled for hearing in the Commercial Court in October 2020. We believe that this is the quickest and most efficient way of achieving clarity for our customers.
Until clarity emerges in relation to Business Interruption Insurance we expect a period of uncertainty for FBD. However, we remain confident in the underlying profitability, future growth prospects, capital strength of the business and in our ability to continue to provide excellent service to our customers."
"These are a robust set of results in very difficult circumstances for our customers and employees. Our profitability excluding the business interruption costs and capital position remain strong and we continue to invest in our business for the future. "