FBD Insurance has said the provision it holds for Covid-19 business interruption claims relating to its pub policies remains at €65m net of reinsurance.

In a trading update issued ahead of its AGM today, the company said that a recent supplementary court judgement gave additional clarity on costs and the definition of closure.

FBD said the final determination of the remaining aspects of quantum should be determined after a further court hearing in July.

"In the meantime we will continue to progress our claim with reinsurers. In addition we have engaged with the Financial Services & Pensions Ombudsman (FSPO) on complaints that they are in the process of adjudicating," the company added.

In February, the High Court ruled that four pub owners are entitled to be compensated by FBD Insurance for the disruption their businesses suffered due to the Covid-19 pandemic.

In a landmark decision, the outcome of which affected claims made by more than 1,000 Irish pubs and restaurants, the judge found that a policy sold by FBD covered losses the pubs sustained by having to close due to the global health emergency.

In today's trading update, FBD also said today the underwriting performance of its business so far this year has been in line with expectations.

The insurer said that while average premiums charged has reduced, motor and liability claims experience has been "benign" and no significant weather events have occurred.

It said its Gross Written Premium (GWP) held up well in a very competitive market, especially for private motor insurance.

This was despite the impact of the Covid pandemic on activity and sums insured as well as the continuing payment of premium rebates to commercial customers.

"GWP is trending approximately 1% lower than the equivalent period in 2020 excluding the impact of Covid-19 rebates," it added.

Meanwhile, FBD said that its policy numbers have remained stable so far this year and are up over 1% in the past year. It also reported a strong retention of existing customers.

It said that average premiums reduced by 3% overall with private motor average premium down by about 5%.

"Overall, 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," FDB's chief executive Tomás O'Midheach stated.

Shares in the company moved higher in Dublin trade today.