Insurer FBD Holdings has postponed its planned annual general meeting, which was due to take place on 8 May.

The company said it was taking the decision in light of the Covid-19 outbreak and the resulting restrictions.

It said all business normally conducted at the AGM, including the approval of its €35m dividend, would be deferred to a later date.

It said shareholders would be advised on that in due course.

The postponement of a vote on FBD's dividend comes as the European Insurance and Occupational Pensions Authority called on insurance and reinsurance firms to temporarily suspend dividends and share buybacks.

It also called for bonus payments to be halted in an attempt to ensure firms had "robust level" of reserves to protect policyholders and absorb potential losses in light of Covid-19.

In February FBD Holdings announced plans to double its dividend for 2019, which would see it paying out almost €35m to shareholders.