Half Yearly Results 2018
FIONA MULDOON, CEO
This is a very strong set of results for the first half of 2018 particularly in the context of a major snow storm in March. Despite adverse weather, challenging investment returns and a competitive market, the team has delivered a healthy profit of €18m for the first half of the year.
We are pleased with our new business levels and we continue to build our business in Farm, Commercial and Consumer through our quality products and our direct relationships with our customers.
"Despite adverse weather, challenging investment returns and a competitive market, the team has delivered a healthy profit of €18m for the first half of the year."
Key Performance Stats
For the Six Months Ended 30 June 2018
€50.4mProfit before tax
Follows €50m 2017 profit
81.6% Combined Operating Ratio
Improvement in comparison to 90% in 2017
€372m Gross Written Premium
New Business count up 11% on 2017
15% Return on equity
In line with company growth strategy
50c dividend per share
40% payout ratio
The cost of injury claims remains a challenge for Irish customers. We look forward to the Personal Injuries Commission report and we urge the Government to follow up in order to provide a lower cost, sustainable claims environment for the benefit of all insurance customers particularly Irish businesses.
We continue to work hard to ensure that all new proposals will deliver for Irish farmers, businesses and consumers, who continue to bear the cost of significantly higher premiums than those seen in other countries.
We were delighted to open our Baggot Street Branch last week and we will use this office as a base to offer commercial insurance to many Dublin based businesses. We are also looking forward to the launch of our motor insurance partnership with Post Insurance in the coming months.