FBD Holdings plc
FBD Insurance plc
Trading Update
13th February 2025
FBD Holdings plc ("FBD") today issues a trading update for the year ended 31 December 2024 ahead of the publication of its Full Year results on 7 March 2025.
2024 Financial Highlights
2024 Full Year financial performance is anticipated to be ahead of market expectations with profit before tax expected to be approximately €75m. This is as a result of strong business growth during 2024, positive underwriting results and increased investment returns.
Underwriting results have benefited from overall favourable claims experience in the latter part of 2024, relating to both current and prior years.
January 2025 Weather Events
Storm Éowyn, which occurred on Friday 24 January, is set to be the single biggest storm in FBD's history. This followed the very cold spell of early January, which led to a significant amount of snow related damage. In the aftermath of these weather events, FBD has been working hard to support its customers. Events like these are when customers rely on FBD most and our teams are working assiduously to ensure claims are processed quickly and fairly.
While it is still too early to determine the total number and gross cost of claims from the weather events of January 2025, FBD's reinsurance programme provides cover for extreme events and this will mitigate the financial impact to FBD. As a result, the overall net cost (including reinstatement premium) for January 2025 weather is currently expected to be approximately €30m.
Preparation of the Full Year 2024 results is on-going and subject to FBD's standard audit and corporate governance processes. Full details of FBD's 2024 financial results will be released on 7 March 2025, alongside formal guidance for 2025 .
Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the "Market Abuse Regulation") requires disclosure of inside information relating to the FBD Holdings plc and FBD Insurance Plc. This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with Article 17 of the Market Abuse Regulation.
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FBD Holdings plc |
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| Fiona Meegan, Investor Relations |
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| Paddy Hughes |
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About FBD Holdings plc FBD is one of Ireland's largest property and casualty insurers, looking after the insurance needs of farmers, consumers and business owners. Established in the 1960s by farmers for farmers, FBD has built on those roots in agriculture to become a leading general insurer serving the needs of its direct agricultural, small business and consumer customers throughout Ireland. It has a network of 34 branches nationwide.
The following details relate to FBD's ordinary shares of €0.60 each which are publicly traded:
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