TIDMFBH

RNS Number : 8816W

FBD Holdings PLC

03 January 2014

FBD Holdings plc

Earnings Guidance Update

3 January 2014

FBD Holdings plc ('FBD' or the 'Group') issues the following update to its earnings guidance for 2013 which was provided as part of its Interim Management Statement on 19 November 2013 (the "IMS").

This update follows management's assessment of the cost of the storms which affected Ireland between 19 and 31 December 2013 and a stronger than anticipated investment performance.

Wind Storms

FBD's earlier guidance was calculated on the assumption that large claims revert to norm and that there would be no exceptional weather events during the remainder of the year. Ireland experienced storm force and, in certain areas, hurricane force winds between 19 and 31 December 2013.

FBD estimates that these storms will cost between EUR4 million and EUR5 million net of reinsurance, reducing both basic and operating* earnings per share by between 10 cent and 13 cent.

Investment Returns

FBD's investment returns for the year as a whole were better than anticipated at the time of the preparation of the IMS due to a strong performance in the Group's equity book through to the end of the year.

Overall, the Group expects to achieve market expectations for profit before taxation and for basic earnings per share. The Group is guiding full year operating* earnings per share in the range of 135 to 140 cent.

FBD will provide detailed commentary as part of its Preliminary Results Announcement for the year ended 31 December 2013 which is scheduled for release on 3 March 2014.

*Operating earnings per share is based on longer term rates of return.

For Reference

 
 Murray Consultants 
 Joe Heron             +353 1 498 0300

About FBD Holdings plc ("FBD")

FBD is one of Ireland's largest property and casualty insurers looking after the insurance needs of farmers, business owners and consumers. FBD has consistently outperformed the market offering unique and unrivaled products to over 600,000 policy holders and satisfied customers through FBD Insurance, No Nonsense.ie and Clan Insurance.

The following details relate to FBD's ordinary shares of EUR0.60 each which are publicly traded:

 
 Listing            Irish Stock Exchange     UK Listing Authority 
 Listing Category   Premium                  Premium (Equity) 
 Trading Venue      Irish Stock Exchange     London Stock Exchange 
 Market             Main Securities Market   Main Market 
 ISIN               IE0003290289             IE0003290289 
 Ticker             FBD.I and EG7.IR         FBH.L

Forward Looking Statements

Some statements in this announcement are forward-looking. They represent expectations for the Group's business, and involve risks and uncertainties. These forward-looking statements are based on current expectations and projections about future events. The Group believes that current expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Group's control, actual results or performance, may differ materially from those expressed or implied by such forward-looking statements.

 
     FBD Holdings plc FBD House, Bluebell, Dublin 12 
  Registered in Dublin, Ireland Registered Number 135882

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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