Insurance group FBD Holdings said today it remains confident in the underlying profitability, future growth prospects and capital strength of the business.
In an address delivered at the company's AGM today, chief executive Tomás Ó Midheach told shareholders that FBD's growth momentum has been sustained with Gross Written Premium (GWP) increasing by about 10% on the same time last year.
The CEO said the emphasis the company places on building and maintaining relationships with customers has resulted in increased policy count across its portfolios in farm, business, retail and partners.
"Today, we are doing more, with more customers than ever before, expanding our reach while staying true to the values that have defined FBD for decades. Central to this is our nationwide branch network, providing local expertise and dedicated support to the communities we serve," he added.
FBD had said in a trading update in February that profitability in the year to date had been impacted by the cold spell of January and Storm Éowyn.
It said today that progress is being made in settling claims from these events quickly and fairly, adding that its reinsurance programme provides cover for extreme events and will mitigate the financial impact to FBD.
"As previously disclosed, the overall net cost (including reinstatement premium) for January 2025 weather is expected to be approximately €30m. The underwriting profitability, excluding the weather events, is solid and in line with expectations," its CEO said today.
Shares in the company moved higher in Dublin trade today
