FBD Holdings PLC Market Update (0391A)
January 28 2022 - 11:34AM
UK Regulatory
TIDMFBH
RNS Number : 0391A
FBD Holdings PLC
28 January 2022
FBD Holdings plc/FBD Insurance plc
Market Update
28th January 2022
FBD notes and welcomes the quantum hearing judgement delivered
in the High Court this morning relating to Covid 19 related
business interruption claims from public house customers. This
judgement has provided considerable clarity on the definition of
business closure and on other matters such as allowable wages.
While some matters remain to be clarified, FBD will now continue to
progress with the settlement of valid claims for customers.
FBD has been in extensive discussions with reinsurers on the
application of reinsurance cover to these business interruption
claims. FBD has reached agreement with reinsurers, for the expected
impacted layers of its catastrophe programme, on how reinsurance
recoveries will operate. This positive development reduces the
uncertainty surrounding recoveries from reinsurers and has had a
favourable impact on previously booked reserves net of
reinsurance.
In addition 2021 has yielded strong investment returns through
the Income Statement, benign weather and positive current and prior
year claims experience.
As a result profits for the 2021 financial year will be
significantly ahead of previous guidance and market expectations
and are likely to be in excess of EUR100m before taxation.
Preparation of the full year 2021 results is on-going and subject
to our usual audit and corporate governance processes. Full details
will be provided in our planned Preliminary Results Announcement on
March 4(th) next.
Furthermore, FBD confirms that Government subsidies paid to
public house customers with Business Interruption cover have not
and will not contribute to 2021 profits.
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.
Enquiries Telephone
FBD Holdings plc
Michael Sharpe, Investor Relations +353 87 915 2914
Drury Communications
Paddy Hughes +353 87 616 7811
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.
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.
The following details relate to FBD's ordinary shares of EUR0.60
each which are publicly traded:
Listing Euronext Dublin UK Listing Authority
Listing Category Premium Premium (Equity)
Trading Venue Euronext Dublin London Stock Exchange
Market Main Securities Market Main Market
ISIN IE0003290289 IE0003290289
Ticker FBD.I or EG7.IR FBH.L
FBD Holdings plc, FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number 135882
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END
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January 28, 2022 11:34 ET (16:34 GMT)
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