Insurance group FBD Holdings said today that its Gross Written Premium so far this year has increased by about 9% compared to the same time in 2023 on the back of new business policies written in Business, Retail and in particular Farm.
In a trading update ahead of its AGM today, FBD said its performance has been "solid", although it was impaced by storms, especially Storm Isha.
It said it continues to work closely with affected customers to compensate them for the damage caused to their homes, farms and businesses.
"The underlying underwriting profitability of the business continues to be sound, despite continued inflation in property and motor damage claims," FBD's chief executive Tomás Ó Midheach said.
"We welcome the certainty brought by the recent Supreme Court ruling relating to Personal Injury Guidelines, which reaffirms our assumptions regarding the reducing cost of injury claims," the CEO added.
Tomás Ó Midheach said FBD's investment return has been positive in the year to date, which he said reflected higher income on reinvestment of the bond portfolios and positive performance in the equity markets.
"This has been offset by negative Other Comprehensive Income arising from volatility in the mark to market value of the bond portfolio," he added.
"Overall, we remain confident in the underlying profitability, future growth prospects and capital strength of the business as well as our continued ability to deliver value for both customer and shareholders," the CEO will tell the company's shareholders today.
