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Half Year Results 2021

Tomás O'Midheach, Chief Executive Officer

"I am delighted to report that FBD has delivered a strong set of interim results with a positive backdrop of reducing restrictions and an advancing vaccination program. The real impact on the economy will become clearer when Government income supports are removed and despite the variant uncertainty there are many reasons for renewed optimism.

The Business Interruption judgement from the quantum hearing held in July will rule on a number of issues with the issue of partial closure being the largest outstanding point of clarification. This judgement should provide clarity on the gross liability and the certainty required to finalise discussions with reinsurers on recoveries due. In the meantime we have continued to make interim payments to customers who have provided requested information. We believe our approach has been correct in seeking to have the complex matters involved resolved by way of a legal case. "

Key Performance Stats

For the six months ended 30 June 2021

22mmProfit Before

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

"Recent FSPO decisions have a wider beneficial impact for FBD Public House Insurance policyholders. In line with the Central Bank of Ireland’s Business Interruption Insurance Supervisory Framework, we will extend payments to all FBD Public House policyholders and will ensure this benefit is passed on in a timely manner.

We opened our retail offices and contact centre in line with government guidelines and look forward to welcoming the remainder of our colleagues back when all workers are permitted to return. The world of work has changed forever and the senior management team and I are very thankful to our employees for their continued support and we recognise the need to develop a more flexible future working model.

The business continues to evolve and future and current relationships with partners, our strong presence in local and farming communities along with our enhanced digital capabilities will enable us to continue delivering on our customer centric model.

Our customers are paying less for their insurance in most cases. The updated Personal Injuries Guidelines are welcome and on the back of them we implemented reductions to product pricing and we expect to see the benefit in reduced claim settlements costs in due course.

It has been an interesting seven months since I started with FBD and my initial impressions have been borne out as we have a strong underlying business and capital base to work from. With the talented team supporting me and with relentless focus, the future looks promising and the business will be well positioned to deliver more for all stakeholders."

Tomás O'Midheach

"I am delighted to report that FBD has delivered a strong set of interim results with a positive backdrop of reducing restrictions and an advancing vaccination program"

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Half Year Results up to 30th June 2021

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