FINANCIAL PERFORMANCE
Half Year Results 2023
Tomás O'Midheach, Chief Executive Officer
I am pleased to announce a strong profit for the first half of 2023 where the business continued to grow and deliver
for all stakeholders. Supported by a disciplined underwriting approach, our financial and strategic foundations remain
solid as we continue to drive sustainable profitable growth.
Our ongoing focus and commitment to meeting the needs of our customers and the provision of a personalised service
continue to play a significant role in the performance of the business. As a consequence, it is most encouraging to see
strong retention of existing customers and continued growth in both customer and policy count numbers.
Key Performance Stats
For the six months ended 30 June 2023
€39mProfit Before
Tax
Compared with €3m* profit for half-year 2022
81% Combined Operating
Ratio
Compared with 87%* equivalent figure for half-year 2022
€206m Gross Written
Premium
Increase vs €192m premium written in half-year 2022
1274c Net Asset Value
per share
Increase compared to 1,179c* equivalent figure for half-year 2022
15% Return on
Equity (Annualised)
Compared with equivalent figure of 1%* for half-year 2022
* Restated prior year financials following the adoption of IFRS 17 and IFRS 9
""I am pleased to announce a strong profit for the first half of 2023 where the business continued to grow and deliver for all stakeholders. Supported by a disciplined underwriting approach, our financial and strategic foundations remain solid as we continue to drive sustainable profitable growth.”
Economic conditions remain challenging for businesses and customers alike. Inflation continues to be experienced in
Property and Motor Damage claims. Injury claims experience has been benign and there were no significant weather
events.
We welcome the final Judgement on the Business Interruption test case. This ruling allows us to finalise all valid Covid-19 related claims and State subsidies.
We are supportive of the steps the Government has taken on insurance reform to reduce claims costs and consequently
insurance premiums. The increased acceptance rates of awards from the Personal Injuries Resolution Board could
indicate the Personal Injury Guidelines are being adopted, although their ultimate impact will not be known until the
challenges make their way through the courts.
The business remains strongly capitalised with a capital ratio above our stated risk appetite. As signalled earlier this year
and following engagement with our stakeholders, a special dividend of 100c per ordinary share was approved by the
Board.
I am thankful for the support of the Board and the commitment and hard work by all the team at FBD. We have
demonstrated that our relationship focus strategy is delivering and our evolving strategy to firmly position FBD for the
future to become a digitally enabled, data enriched organisation delivering an excellent customer and employee
experience, is firmly on track.
