TIDMFBH
RNS Number : 5068S
FBD Holdings PLC
10 March 2023
FBD HOLDINGS PLC
10 March 2023
FBD HOLDINGS PLC
PRELIMINARY ANNOUNCEMENT
For the year ended 31 December 2022
KEY HIGHLIGHTS
-- Profit Before Tax of EUR74m compared to EUR110m in 2021.
-- Combined Operating Ratio (COR) of 75% reflecting a very
strong underwriting performance and positive development of prior
year claims.
-- Proposed dividend of 100c per share.
-- Gross written premium of EUR383m, an increase of 3.4%
excluding the impact of pandemic premium rebates.
-- Policy count growth of 2.8% with retention levels of existing
business increasing 1.5%, reaching a six year high.
-- Average premium increased 0.6% across the portfolio with Private Motor down 7.2%.
-- Challenging year for fixed income assets which saw negative
investment returns of -EUR90m through Other Comprehensive Income.
There was also a negative investment return of -EUR10m through the
Income Statement primarily due to a negative return on risk
assets.
-- Our capital position remains strong with a Solvency Capital
Ratio (SCR) of 226% (unaudited). Losses on the investment portfolio
have been largely mitigated by underwriting profits, higher
discounting of claims liabilities and a reduction in the Solvency
Capital Requirement.
-- In view of capital strength it is our intention to now engage
with stakeholders on steps to return further capital in the short
and medium term.
-- Return on Equity of 14%.
-- The Business Interruption best estimate reduced marginally by
EUR2m in 2022 to EUR42m net of reinsurance.
-- The Bank of Ireland Home product was launched. We
successfully renewed our An Post Insurance partnership for another
5 years.
-- New advertising campaign launched highlighting that FBD stands for support.
2022 2021
FINANCIAL SUMMARY EUR000s EUR000s
Gross written premium 382,889 366,328
Underwriting profit/ (loss) 85,682 95,197
Profit before taxation 73,723 110,435
Loss ratio 45.9% 43.6%
Expense ratio 28.6% 27.9%
Combined operating ratio 74.5% 71.5%
Cent Cent
Basic earnings per share 181 274
Net assets per share 1,188 1,338
-- Gross Written Premium (GWP) of EUR382.9m (2021: EUR366.3m)
increased by 4.5% from 2021. This increase is 3.4% excluding the
impact of pandemic related premium rebates.
-- Underwriting profit of EUR85.7m (2021 profit: EUR95.2m),
equating to a 74.5% COR (2021: 71.5%) with continuing lower
frequency of injury claims, benign weather and positive prior year
reserve development being the key features. Excluding reserve
releases the COR for 2022 is 91.9% (2021: 87.5%).
-- Expense ratio of 28.6% (2021: 27.9%) with the increase mainly
due to inflationary impacts on employee costs along with utility
and IT expense increases.
-- A very challenging year for both equity and fixed income
investments resulting in a loss through the Income Statement of
EUR10.4m (2021: +EUR15.7m). Significant increases in risk free
rates throughout the year, in addition to spread widening in the
sovereign and corporate bond portfolios, resulted in a negative
mark to market (MTM) return of EUR90.1m (2021: -EUR12.2m) through
Other Comprehensive Income (OCI).
-- Net Asset Value per share 1,188 cent has decreased from 1,338
cent at the end of 2021 primarily due to reduced asset values and
the payment of the 2021 dividends in May 2022.
Commenting on these results Tomás Ó Midheach, Group Chief
Executive, said:
"It is great to be in a position to announce another strong set
of results for FBD despite negative investment returns. We continue
to maintain our underwriting discipline delivering a healthy
underwriting profit supported by positive prior year reserve
development.
It is encouraging to see growth in customer and policy numbers.
More customers are staying loyal to us which is testament to the
value we offer them and the continuing customer service our people
deliver. We have increased our relationship customers in Business
and Farm this year and intend to build on this momentum in 2023 by
continuing to differentiate ourselves through our product and
service offering.
There is still uncertainty in the external claims environment as
we await the outcome of the challenge to the Personal Injury
Guidelines and we see how they operate in practice. We are now
seeing reductions in average settlement costs feeding through in
pre-litigation channels
Underinsurance is being highlighted as a concern for customers
as inflation is impacting rebuild and replacement costs and we are
working with our customers to make sure they are adequately covered
in the unfortunate event of a claim.
We expect a reasoned ruling from the Judge in respect of the
Business Interruption Test Case in early 2023. This ruling is
anticipated to provide certainty in respect of outstanding issues
and assist in reaching a final agreement with publicans and enable
us to pay the balance of claims this year.
We continue to build strong relationships with intermediary
partners and have launched a Home product in conjunction with Bank
of Ireland and successfully renewed our An Post Insurance
partnership.
FBD remains a strongly capitalised business with a Capital Ratio
significantly in excess of our stated risk appetite. It is our
intention to now engage with stakeholders on taking steps to return
further capital in the short and medium term.
Our momentum is a result of focusing on our customer's needs,
providing them with a personalised service and putting them at the
heart of what we do, whether they are contacting us to claim,
interacting with our Local Offices, our Mullingar Service Centre or
Head Office. It was great to see so many customers and employees at
the many shows and events around the country. I would like to thank
our people for their continued dedication, as our good results are
a function of their hard work supporting our customers.
Our strategy is delivering and I would like to thank the Board
and the Executive Management Team for their continuing support and
invaluable input as we continue to focus on meeting the needs of
all our stakeholders."
A presentation will be available on our Group website
www.fbdgroup.com from 9am today .
Enquiries Telephone
FBD
Michael Sharpe, Investor Relations +353 87 9152914
Drury Communications
Paddy Hughes +353 87 616 7811
About FBD Holdings plc ("FBD")
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 Financial Conduct 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
OVERVIEW
The Group reported a profit before tax of EUR73.7m (2021 profit:
EUR110.4m), supported by a continuing low injury claims frequency,
benign weather and positive prior year reserve development. The
prior year reserve development of EUR48.3m is arising from lower
large claims experience in recent years and better than expected
settlements of smaller claims. In addition EUR10m was released from
the Margin for Uncertainty, which is a reserve held in addition to
the best estimate of claims liabilities.
The Group reported an underwriting profit of EUR85.7m (2021
profit: EUR95.2m) and GWP of EUR382.9m (2021: EUR366.3m), 3.4%
higher than 2021 excluding the impact of pandemic related premium
rebates.
The net best estimate in respect of Business Interruption
reduced by EUR1m to EUR42m since June 2022. We have agreed
settlements with two of the four publicans in the Business
Interruption Test Case. We hope to receive a reasoned ruling
shortly from the Judge that will assist us in reaching an agreement
with the remaining two publicans and enable us to finally settle
all outstanding claims.
UNDERWRITING
Premium income
Gross written premium in creased to EUR382.9m in 2022 (2021:
EUR366.3m). The 2021 figure includes EUR3.3m of Covid-19 Commercial
rebates. Excluding rebates, gross written premium is 3.4% higher
than prior year.
Customer policy count increased by 2.8%, with retention rates
increasing again by 1.5%, reaching the highest level in the last
six years.
Average premium increased by 0.6% across the portfolio. Private
Motor average premium reduced by 7.2% and Commercial Motor reduced
by 1.1% reflecting the reductions seen in claims costs as a result
of the new Personal Injury Guidelines, partially offset by the
impact of increases in motor damage costs. Commercial Business
average premium increased by 5.6% and Farm average premium
increased by 2.6% mainly due to increases in property elements as
sums insured were adjusted to reflect inflation in construction
costs. Commercial customers increased their liability cover as
trading conditions improved as the economy reopened, positively
impacting average premium. Average Tractor premium increased by
5.5% due to a higher proportion of newer tractors and the
increasing value of existing tractors. The increase in Home average
premium of 4.1% reflects increasing sums insured due to
inflation.
Reinsurance
The reinsurance programme for 2023 was successfully renegotiated
with a similar structure to the expiring programme. The negotiation
of the 2023 renewal occurred with a backdrop of continuing
hardening in the reinsurance market with rates impacted due to
geopolitical and macroeconomic shocks along with natural disasters.
Overall we saw an increase in reinsurance rates for property of 8%
and casualty of 2%, a very positive result in the current
environment.
Claims
Net claims incurred (Net claims and benefits plus movements in
Other provisions) increased by EUR8.5m to EUR154.2m (2021:
EUR145.7m). The increase is largely a result of higher frequency
and inflationary impacts in Motor Damage and Property claims, net
of the FSPO consequential payments required in 2021 of
EUR13.2m.
Claims volumes increased by 6% year on year driven by increased
motor damage notifications of 27%. Motor damage notifications
increases reflect the increased traffic volumes and impact of
inflation on policyholders hindering their ability to cover the
cost of minor damage claims themselves. More policyholders have
taken out comprehensive cover and inflation continues on parts and
labour increasing the cost of repair. Motor Damage and Property
claim notifications have increased by 30% and 24% on pre-Covid
levels.
The average cost of injury claims settlements marginally
increased from 2021 while continuing to be lower than that
experienced pre-Covid. We are now seeing reductions in average
settlement costs feeding through in pre-litigation channels. In the
litigation channel plaintiff legal costs have increased in 2022 by
14% and 12% in the High Court and the Circuit Court
respectively.
Claims being settled under the new guidelines are over 40% lower
in value when compared to the previous Book of Quantum. We have
reflected the impact of this in premium reductions. The level of
acceptance of Personal Injuries Resolution Board (PIRB) awards
across the market has improved to 48% which is closer to historic
levels. This may reduce the number of cases through the courts
system attracting higher legal costs. It could take a number of
years for the full impact of the new guidelines on claims settled
after the PIRB process has been completed to be known.
Motor damage claims costs continue to experience high inflation
with an increase of 11% year on year as costs of parts, paint and
average labour hours per repair increase. The average cost of
property claims increased by 1% year on year due to a change in mix
and inflation, with further inflation expected on domestic building
costs.
Movement in other provisions reduced by EUR13.7m to EUR8.4m
(2021: EUR22.1m), the reduction is because no similar provision to
the FSPO consequential payments of EUR13.2m made in 2021 was
required. The main elements of the Other Provision is the Motor
Insurers Bureau of Ireland (MIBI) levy and the Motor Insurers
Insolvency Compensation Fund (MIICF) contribution.
Industry Environment
The Personal Injuries Resolution Board (PIRB) Bill 2022 was
signed into law changing the title from the Personal Injuries
Assessment Board. Voluntary mediation will be offered as a means of
resolving disputes and claimants are entitled to legal
representation. PIRB will have more time to assess claims but it is
as yet unclear whether medical reports and other documentation will
be shared with the parties. We welcome the option of mediation to
reduce litigated claims and await clear guidance on the operation
of PIRB to understand the real impact.
An appeal to the Supreme Court in respect of the Personal Injury
Guidelines was heard at the end of February 2023. There are still a
number of challenges over the constitutionality of the laws
underpinning the Guidelines that are due before the courts. We
continue to experience a build-up of older, higher value injury
claims as a result of the reluctance of legal profession to engage
before the challenges are heard. A recent report indicated the
number of new personal injury claims initiated in the High Court
and the Circuit Court reduced as potential damages awarded would be
lower and there are a reducing number of claims being made as a
result.
We still await the outcome of the review to determine if the
judiciary or the Minister of Justice and Equality should be allowed
to determine the discount rate and review it at intervals. The
delay in this decision may raise the potential of a challenge to
the discount rate.
A number of legislative changes impacting insurance are expected
to be enacted shortly:
-- Irish Motor Insurance Database (IMID) - The next phase of the
previously named Motor Third Party Liability project (MTPL) will
require sharing of additional data on insured vehicles and drivers
with Regulatory Authorities.
-- The Road Traffic Act (RTA) legislation is to be extended to
better regulate the use of scramblers/quads and
e-bike/e-scooters.
-- The Motor Insurance Directive (MID) primarily deals with the
scope of compulsory insurance broadening the potential scenarios
where RTA cover will apply. The text is currently under review
after which it will be formally adopted by the three European
Institutions, the amendments must be transposed into national law
within 24 months of being accepted.
-- General Scheme of Insurance (Miscellaneous Provisions) Bill -
The Bill is currently before the Seanad for debate and intends to
address a number of insurance-related issues that have arisen since
the Government's 'Action Plan for Insurance Reform' in December
2020.
All development work required in respect of Differential Pricing
guidelines issued in March 2022 including the auto-renewals
elements were completed. The pricing practice review will finish in
early 2023. We continue to actively monitor the impact of the
changes on our portfolio.
FBD has updated additional wording changes needed as part of the
Contract of Insurance review programme ensuring all wording
enhancements and clarity of coverage expected following the
enactment of the Consumer Insurance Contracts Act 2019 are
reflected.
Weather, Claims Frequency and Large Claims
No significant weather events of note occurred in 2022.
2020 and 2021 saw a significant reduction in frequency of injury
claims due to lockdowns arising from Covid-19 and 2022 sees
continued lower frequency. Injury claims frequency continues to
remain below pre Covid-19 levels.
Large injury claims, defined as a value greater than EUR250k,
notified in 2022 are higher than the last two years, the volumes
are still lower than the average of previous pre-Covid years.
Expenses
The Group's expense ratio is 28.6% (2021: 27.9%). Other
underwriting expenses are EUR96.0m, an increase of EUR2.6m on 2021.
The increase in expenses is due to inflationary increases in
employee costs along with inflation in utility and IT costs.
Commission also increased as we continue to broaden and deepen our
partnerships with intermediaries adding additional routes to
market. Accelerated amortisation was charged on the policy
administration system in 2022 of EUR2.5m compared to EUR5.9m in
2021.
The expense ratio increased by 0.7 of a percentage point as a
result of the higher cost base being offset by marginally higher
earned premium.
General
FBD generated an underwriting profit of EUR85.7m (2021:
EUR95.2m) which translates to a COR of 74.5% (2021: 71.5%).
Investment Return
FBD's total investment return for 2022 is -8.6% (2021: +0.3%).
The investment return recognised in the Consolidated Income
Statement is -0.9% (2021: +1.3%) and in the Consolidated Statement
of Other Comprehensive Income (OCI) is -7.7% (2021: -1.0%). 2022
was a challenging year for investments. Inflation levels have been
higher than seen for decades which was largely driven by the energy
crisis in Europe, as a result of the Russian invasion of Ukraine.
Central banks around the world responded by increasing interest
rates in an attempt to control inflation. This led to steep
interest rate increases with a resultant significant reduction in
the valuation of fixed income assets. Credit spreads were volatile
and increased over the year on fears of recession. This spread
widening has also contributed to the negative OCI on our bond
portfolio.
The policy response by central banks risked sending many
developed market economies into recession as central bankers were
more willing to risk a recession rather than uncontrolled
inflation. This resulted in a lot of volatility in equity markets
with US markets down roughly 20% over the year. European markets
were down 12%, however, overall risk assets had a difficult year
and this resulted in the negative return through the Income
Statement. FBD had very minor exposure, c. EUR1m, to Russian
securities through its Emerging Market funds prior to the invasion
of Ukraine.
Financial Services Income and Other Costs
The Group's financial services operations returned a profit
before tax of EUR1.3m for the period (2021: profit EUR1.2m).
Revenue increased by EUR0.7m primarily from improved return on
direct debit income. Costs increased by EUR0.5m to EUR6.7m
primarily due to inflationary increases in employee costs in the
Life & Pensions business and ESG consultancy costs incurred in
the Holding company.
Profit per share
The diluted profit per share was 176 cent per ordinary share,
compared to 268 cent per ordinary share in 2021.
Dividend
The Group's Dividend Policy intends to reward shareholders
through regular annual dividends while retaining sufficient capital
in order to maintain a healthy capital adequacy to support future
capital requirements. The Group has a robust capital position and
liquidity margins. Given the Group's strong financial performance
in 2022 the Board proposes to pay a dividend of 100 cent per share
for the 2022 financial year (2021: 100c).
Subject to the approval of shareholders at the Annual General
Meeting to be held on 11 May 2023, the final dividend for 2022 will
be paid on 16 May 2023 to the holders of shares on the register on
21 April 2023. The dividend is subject to withholding tax ("DWT")
except for shareholders who are exempt from DWT and who have
furnished a properly completed declaration of exemption to the
Company's Registrar from whom further details may be obtained.
STATEMENT OF FINANCIAL POSITION
Capital position
Ordinary shareholders' funds at 31 December 2022 amounted to
EUR422.8m (2021: EUR472.4m). The decrease in shareholders' funds is
mainly attributable to the following:
-- Profit after tax for the year of EUR64.5m;
-- An increase of EUR2.7m due to share based payments;
-- Offset by dividend payments of EUR35.9m;
-- Mark to Market losses on our Bond portfolio of EUR78.9m after tax; and
-- A reduction in the Retirement benefit surplus of EUR2.0m;
Net assets per ordinary share are 1,188 cent, compared to 1,338
cent per share at 31 December 2021.
Investment Allocation
The Group adopts a conservative investment strategy to ensure
that its technical reserves are matched by cash and fixed interest
securities of low risk and similar duration. Maintaining a well
matched position has allowed FBD to mitigate the impact of interest
rate rises on its solvency position as lower liabilities (due to
discounting at a higher interest rate) offset reduced bond
valuations. The Company invested an additional EUR35m cash in
corporate bonds and other risk assets in 2022. The average credit
quality of the corporate bond portfolio has remained at A- and has
seen a lower allocation to BBB rated bonds (42% vs 47% at 31
December 2021).
The allocation of the Group's investment assets is as
follows:
31 December 2022 31 December 2021
EURm % EURm %
Corporate bonds 563 49% 589 49%
Government bonds 271 24% 303 25%
Deposits and cash 172 15% 164 14%
Other risk assets 83 7% 84 7%
Equities 50 4% 54 4%
Investment property 15 1% 16 1%
1,154 100% 1,210 100%
---------- -------- ---------- --------
Solvency
The latest (unaudited) Solvency Capital Ratio (SCR) is 226%
compared to the 2021 SCR of 214%.
RISKS AND UNCERTAINTIES
The principal risks and uncertainties faced by the Group are
outlined on pages 21 to 28 of the Group's Annual Report for the
year ended 31 December 2022. The effects of the Russian invasion of
Ukraine continue to impact on the global economy through continuing
higher inflation impacting operational costs, the cost of Motor
Damage and Property claims and potentially may increase the cost of
injury claims over time. Market risk continues to be elevated as
the investment markets remain volatile.
The claims environment is positively impacted by the Personal
Injury Guidelines although continuing challenges have resulted in
delayed settlements that could result in increased legal costs,
reducing the benefit. A higher degree of uncertainty still exists
in the environment as the claims payment patterns and average
settlement costs of more recent years are a less reliable future
indicator and must be carefully considered by the Actuarial
function when arriving at claims projections.
Supply chain issues in respect of materials and labour shortages
particularly in respect of Construction and the Motor industry may
impact claims costs in future years. Despite more stabilised energy
costs of late there is a risk they may drive increased general
inflation in future. Supply chain issues in respect of materials
and labour shortages particularly in respect of Construction and
the Motor industry are impacting claims costs and will increase
settlements costs in future years and may have a knock on impact to
injury claims in the near future as pressure mounts on salary
inflation.
Legal costs will continue to be monitored as High Court and
Circuit Court costs have seen double digit increases in the last
twelve months. The delays in claim settlements are likely to
increase legal costs further.
FBD model forward looking projections of key financial metrics
on a periodic basis based on an assessment of the likely operating
environment over the next number of years. The projections reflect
changes of which we are aware and other uncertainties that may
impact future business plans and includes assumptions on the
potential impact on revenue, expenses, claims frequency, claims
severity, investment market movements and in turn solvency. The
output of the modelling demonstrates that the Group is likely to be
profitable and remain in a strong capital position. However, the
situation can change and unforeseen challenges and events could
occur. The solvency of the Group remains solid and is currently at
226%, unaudited (31 December 2021: 214%).
A reasoned ruling is expected by the Judge on the Business
Interruption Test case in early 2023 which we are hopeful will
provide the certainty that will enable us to pay the balance of the
claims due to publicans this year.
Potential future adverse events are assessed when the Group is
considering the Margin for Uncertainty which is a provision held as
an amount over the best estimate of claims liabilities net of
expected reinsurance recoveries.
The highest inflation in developed markets in decades has led to
increasing risk free interest rates. While there are signs that
inflation is beginning to reduce the risk remains as to how
aggressive central banks' policy responses will be which could lead
to recession. Equity valuations which have fallen significantly
during 2022 risk falling further if recessionary fears become a
reality. Similarly, continued high inflation becoming engrained in
the economy is a serious risk with stagflation (high inflation, low
growth) being a possibility. Future financial market movements and
their impact on balance sheet valuations, pension surplus and
investment income are unknown and market risk remains high for the
foreseeable future.
The Group's Investment Policy, which defines investment limits
and rules and ensures there is an optimum allocation of
investments, is being continuously monitored. Regular review of the
Group's reinsurers' credit ratings, term deposits and outstanding
debtor balances is in place. All of the Group's reinsurers have a
credit rating of A- or better. All of the Group's fixed term
deposits are with financial institutions which have a minimum A-
rating. Customer defaults are at pre-pandemic levels and support is
provided to customers when required.
The Group continues to manage liquidity risk through ongoing
monitoring of forecast and actual cash flows. The Group's cash flow
projections from its financial assets are well matched to the cash
flow projections of its liabilities. The Group holds cash resources
significantly higher than its minimum liquidity requirement in
order to mitigate any liquidity stress events. The Group's asset
allocation is outlined on page 8.
The employment market has rebounded to above pre-pandemic levels
and is very tight with shortages of skills in some areas. We
continue to enhance our employee proposition to ensure we attract
and retain a talented workforce. We support our employees through
the provision of professional development and career opportunities,
alongside a supportive working environment which focuses on
well-being and flexible working which act as key retention
tools.
IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments
IFRS 17 came into effect on 1 January 2023. IFRS 17 provides
consistent principles for all aspects of accounting for insurance
contracts. It aims to enable investors, analysts and others to
meaningfully compare companies, insurance contracts and industries
while increasing transparency. IFRS 17 will significantly impact
the measurement and presentation of insurance financial statements.
The impact to shareholder's equity will mainly be driven by the
introduction of discounting claims reserves as well as the
introduction of the risk adjustment calculation as an allowance for
uncertainty about the amount and timing of cash flows that arises
from non-financial risk as the insurance contract is fulfilled. The
risk adjustment under IFRS17 replaces the margin for uncertainty
currently in existence under IFRS4.
Based on assessments to date, the total adjustment after tax to
the Group's total equity on the application of IFRS17 and IFRS9 is
currently estimated to be an increase of approximately EUR7.9m at 1
January 2022 with the discounting impact becoming significantly
more prevalent throughout the 2022 transitional period in line with
the rising interest rate environment. Any future reserve releases
will reflect the impacts of discounting and risk adjustment.
Estimated increase (reduction) in the Group's 1 January 2022
total equity:
EURm
Adjustments due to the adoption of IFRS 17:
Re-measurement of non-life insurance contracts
under IFRS 17 9.4
Adjustments due to adoption of IFRS 9:
Impairment of financial assets (0.4)
Deferred tax impact (1.1)
Estimated impact of adoption of IFRS 17 and
IFRS 9 after tax 7.9
OUTLOOK
The economic outlook suggests continued high inflation resulting
in high interest rates and reduced growth, with Irish growth
expected to be marginally ahead of Europe. Despite the backdrop i
ncome projections on our bond portfolio in the higher interest rate
environment have increased due to the impact of higher reinvestment
rates as bonds mature.
The increased acceptance rates of awards from the PIRB could
indicate the Personal Injury Guidelines are gaining more
acceptance, although their ultimate impact will not be known until
the challenges make their way through the courts and experience of
how the guidelines are implemented develops.
2023 sees the requirements on ESG reporting broaden with the
introduction of the EU's Sustainable Finance Taxonomy Regulation
requiring a lignment on the EU Taxonomy. FBD will focus our ESG
approach on where we can have a meaningful impact and the UN
Principles for Sustainable Insurance will guide our ESG strategy.
We have set out the pillars of the strategy which is the framework
we will use to embed ESG across the business and will ensure we
have clear responsibility around delivery, ensuring we meet the
increased demands for targets and disclosures from all
stakeholders. FBD naturally has very strong engagement with local
communities and customers through our branch network and contact
centre as we service their needs and endeavour to deepen this
connection as we embed ESG across our business.
FBD's strategy puts our customers at the heart of what we do and
is delivering, as we see growth across all portfolios particularly
our relationship customers in Business and Farm. We will continue
to strengthen our relationship focus and extend our digital
enablement as our strategy evolves. A key differentiator is our
claims proposition as we strive to deliver best in class service
when our customers need us most.
FBD expects to continue to be profitable in 2023 and believes an
IFRS 17 Combined Operating Ratio* of low 90s to be achievable
(similar for current accounting basis).
*Please see the Annual Report page 136 for definition of IFRS17
Combined Operating Ratio
FBD Holdings plc
Consolidated Income Statement
For the financial year ended 31 December 2022
2022 2021
EUR000s EUR000s
Revenue 406,395 386,661
---------- ----------
Income
Gross premium written 382,889 366,328
Reinsurance premiums (40,016) (32,652)
---------- ----------
Net premium written 342,873 333,676
Change in net provision for unearned premiums (7,019) 571
---------- ----------
Net premium earned 335,854 334,247
Net investment return (10,413) 15,679
Financial services income - Revenue from
contracts with customers 3,173 2,930
- Other financial services income 4,812 4,375
---------- ----------
Total income 333,426 357,231
Expenses
Net claims and benefits (145,807) (123,538)
Other underwriting expenses (95,962) (93,369)
Movement in other provisions (8,403) (22,143)
Financial services and other costs (6,685) (6,138)
(Impairment)/revaluation of property, plant
and equipment (287) 937
Finance costs (2,559) (2,545)
Profit before taxation 73,723 110,435
Income taxation charge (9,269) (14,026)
---------- ----------
Profit for the financial year 64,454 96,409
---------- ----------
Attributable to:
Equity holders of the parent 64,454 96,409
FBD Holdings plc
Consolidated Income Statement
For the financial year ended 31 December 2022
Earnings per share 2022 2021
Cent Cent
Basic 181 274
-------- --------
Diluted 176 (1) 268 (1)
-------- --------
(1) Diluted earnings per share reflects the potential vesting of
share based payments.
The Financial Statements were approved by the Board and
authorised for issue on 10 March 2023.
FBD Holdings plc
Consolidated Statement of Comprehensive Income
For the financial year ended 31 December 2022
2022 2021
EUR000s EUR000s
Profit for the financial year 64,454 96,409
----------- -----------
Items that will or may be reclassified
to profit or loss in subsequent periods:
Movement on available for sale financial
assets during the year (90,271) (11,169)
Movement transferred to the Consolidated
Income Statement on disposal during
the year 129 (1,033)
Taxation credit relating to items that
will or may be reclassified to profit
or loss in subsequent periods 11,268 1,525
Items that will not be reclassified
to profit or loss in subsequent periods:
Actuarial movement on retirement benefit
obligations (2,272) 280
Property held for own use revaluation
movement 5 4
Taxation credit / (charge) relating
to items not to be reclassified in
subsequent periods 282 (265)
----------- -----------
Other comprehensive expense after
taxation (80,859) (10,658)
----------- -----------
Total comprehensive (expense)/income
for the financial year (16,405) 85,751
----------- -----------
Attributable to:
Equity holders of the parent (16,405) 85,751
FBD Holdings plc
Consolidated Statement of Financial Position
At 31 December 2022
ASSETS
2022 2021
EUR000s EUR000s
Property, plant and equipment 22,745 24,178
Policy administration system 23,683 27,982
Intangible assets 14,082 9,031
Investment property 15,052 16,055
Right of use assets 4,290 5,078
Loans 580 577
Financial assets
Available for sale investments 834,994 893,715
Investments held for trading 132,965 137,547
Deposits with banks 10,000 -
---------- ----------
977,959 1,031,262
---------- ----------
Reinsurance assets
Provision for unearned premiums 1,937 1,711
Claims outstanding 136,848 195,249
---------- ----------
138,785 196,960
---------- ----------
Retirement benefit surplus 8,499 10,901
Deferred taxation asset 8,091 -
Deferred acquisition costs 38,520 35,458
Other receivables 58,307 58,047
Cash and cash equivalents 162,398 164,479
---------- ----------
Total assets 1,472,991 1,580,008
---------- ----------
FBD Holdings plc
Consolidated Statement of Financial Position (continued)
At 31 December 2022
EQUITY AND LIABILITIES 2022 2021
EUR000s EUR000s
Equity
Called up share capital presented
as equity 21,583 21,409
Capital reserves 30,192 27,406
Revaluation reserve 755 752
Retained earnings 370,258 422,815
Equity attributable to ordinary
equity holders of the parent 422,788 472,382
Preference share capital 2,923 2,923
Total equity 425,711 475,305
Liabilities
Insurance contract liabilities
Provision for unearned premiums 191,893 184,648
Claims outstanding 740,784 800,756
---------- ----------
932,677 985,404
---------- ----------
Other provisions 11,615 13,492
Subordinated debt 49,662 49,603
Lease liabilities 4,600 5,349
Deferred taxation liability - 2,761
Current taxation liability 2,399 6,437
Payables 46,327 41,657
Total liabilities 1,047,280 1,104,703
---------- ----------
Total equity and liabilities 1,472,991 1,580,008
---------- ----------
FBD Holdings plc
Consolidated Statement of Cash Flows
For the financial year ended 31 December 2022
2022 2021
EUR000s EUR000s
Cash flows from operating activities
Profit before taxation 73,723 110,435
Adjustments for:
Movement on investments held for trading 16,321 (10,839)
Movement on investments available for sale 2,955 2,429
Interest and dividend income (11,510) (8,106)
Depreciation / amortisation of property, plant and equipment, intangible assets and
policy
administration system 13,239 18,012
Depreciation of right of use asset 788 790
Share-based payment expense 2,681 2,650
Fair value movement on investment property 1,003 996
Fair value movement of property, plant and equipment 287 (937)
Operating cash flows before movement in working capital 99,487 115,430
Movement in insurance contract liabilities 5,448 (66,720)
Movement in other provisions (1,877) 1,425
Movement in receivables and deferred acquisition costs (2,809) 5,460
Movement in payables 7,353 (394)
Interest on lease liabilities 216 236
Purchase of investments held for trading (25,312) (58,432)
Sale of investments held for trading 13,573 48,653
Cash generated from operations 96,079 45,658
Interest and dividend income received 10,998 8,620
Income taxes paid (12,603) (75)
---------- ----------
Net cash generated from operating activities 94,474 54,203
---------- ----------
Cash flows from investing activities
Purchase of available for sale investments (238,126) (210,499)
Sale of available for sale investments 203,750 166,034
Purchase of property, plant and equipment (1,288) (1,273)
Additions to policy administration system (4,566) (4,685)
Purchase of intangible assets (6,987) (5,398)
Movement in loans and advances (3) 24
Maturities of deposits invested with banks - 40,000
Additional deposits invested with banks (10,000) -
Net cash used in investing activities (57,220) (15,797)
---------- ----------
Cash flows from financing activities
Ordinary and preference dividends paid (35,870) -
Interest payments on subordinated debt (2,500) (2,500)
Principal elements of lease payments (965) (962)
Net cash used in financing activities (39,335) (3,462)
---------- ----------
Net (decrease)/increase in cash and cash equivalents (2,081) 34,944
Cash and cash equivalents at the beginning of the year 164,479 129,535
Cash and cash equivalents at the end of the financial year 162,398 164,479
---------- ----------
FBD Holdings plc
Consolidated Statement of Changes in Equity
For the financial year ended 31 December 2022
Called up Capital Retained Attributable Preference Total
share reserves Revaluation earnings to share equity
capital reserves ordinary capital
presented shareholders
as equity
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
Balance at 1
January 2021 21,409 24,756 978 336,838 383,981 2,923 386,904
Profit after
taxation - - - 96,409 96,409 - 96,409
Other
comprehensive
expense after
taxation - - (226) (10,432) (10,658) - (10,658)
------------ ------------ ------------- ------------ ------------- ------------ ------------
Total
comprehensive
(expense)/income
for the year - - (226) 85,977 85,751 - 85,751
Recognition of
share based
payments - 2,650 - - 2,650 - 2,650
Balance at 31
December 2021 21,409 27,406 752 422,815 472,382 2,923 475,305
------------ ------------ ------------- ------------ ------------- ------------ ------------
Profit after
taxation - - - 64,454 64,454 - 64,454
Other
comprehensive
income /
(expense) after
taxation - - 3 (80,862) (80,859) - (80,859)
Total
comprehensive
income /
(expense) for
the year - - 3 (16,408) (16,405) - (16,405)
Dividends paid
and approved on
ordinary and
preference
shares - - - (35,870) (35,870) - (35,870)
Issue of
ordinary
shares* 174 105 - (279) - - -
Recognition of
share based
payments - 2,681 - - 2,681 - 2,681
Balance at 31
December 2022 21,583 30,192 755 370,258 422,788 2,923 425,711
------------ ------------ ------------- ------------ ------------- ------------ ------------
* In April 2022 new ordinary shares were allotted to employees
of FBD Holdings plc as part of the performance share awards scheme
in 2019. A total of 290,078 ordinary shares were issued at a
nominal value of EUR0.60 each. The adjustment to ordinary share
capital was EUR174,000. The movement on the capital reserves of
EUR105,000 relates to the share premium reserve movement of
EUR2,669,000 net of share based payments reserve movement of
EUR2,564,000. The adjustment to retained earnings was
EUR279,000.
FBD Holdings plc
Supplementary Information
For the year ended 31 December 2022
Note 1 Underwriting PROFIT
2022 2021
EUR000s EUR000s
Gross premium written 382,889 366,328
---------- ----------
Net premium earned 335,854 334,247
Net claims incurred (145,807) (123,538)
Other provisions (8,403) (22,143)
Net underwriting expenses (95,962) (93,369)
---------- ----------
Underwriting profit 85,682 95,197
---------- ----------
2022 2021
Net underwriting expenses EUR000s EUR000s
Management expenses 96,021 92,308
Deferred acquisition costs (3,061) (1,380)
--------- ---------
Gross underwriting expenses 92,960 90,928
Reinsurance commission receivable (4,329) (3,864)
Broker commission payable 7,331 6,305
--------- ---------
Net underwriting expenses 95,962 93,369
--------- ---------
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 2 EARNINGS PER EUR0.60 ORDINARY SHARE
The calculation of the basic and diluted earnings per share
attributable to the ordinary shareholders is based on the following
data:
2022 2021
Earnings EUR000s EUR000s
Profit for the year for the purpose of
basic earnings per share 64,172 96,127
Profit for the year for the purpose of
diluted earnings per share 64,172 96,127
------------- -------------
Number of shares 2022 2021
No. No.
Weighted average number of ordinary shares
for the purpose of basic earnings per
share (excludes treasury shares) 35,507,806 35,138,959
Weighted average number of ordinary shares
for the purpose of diluted earnings per
share (excludes treasury shares) 36,424,983 35,930,762
Cent Cent
Basic earnings per share 181 274
------------- -------------
Diluted earnings per share 176 268
------------- -------------
The 'A' ordinary shares of EUR0.01 each that are in issue have
no impact on the earnings per share calculation.
The below table reconciles the profit attributable to the parent
entity for the year to the amounts used as the numerators in
calculating basic and diluted earnings per share for the year and
the comparative year including the individual effect of each class
of instruments that affects earnings per share:
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 2 EARNINGS PER EUR0.60 ORDINARY SHARE (continued)
2022 2021
EUR000s EUR000s
Profit attributable to the parent
entity for the year 64,454 96,409
--------- ---------
2022 dividend of 8.4 cent (2021:
8.4 cent) per share on 14% noncumulative
preference shares of EUR0.60 each (113) (113)
2022 dividend of 4.8 cent (2021:
4.8 cent) per share on 8% non-cumulative
preference shares of EUR0.60 each (169) (169)
--------- ---------
Profit for the year for the purpose
of calculating basic and diluted
earnings 64,172 96,127
The below table reconciles the weighted average number of
ordinary shares used as the denominator in calculating basic
earnings per share to the weighted average number of ordinary
shares used as the denominator in calculating diluted earnings per
share including the individual effect of each class of instruments
that affects earnings per share:
2022 2021
No. No.
Weighted average number of ordinary
shares for the purpose of calculating
basic earnings per share 35,507,806 35,138,959
------------- -------------
Potential vesting of share based
payments 917,177 791,803
Weighted average number of ordinary
shares for the purpose of calculating
diluted earnings per share 36,424,983 35,930,762
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 3 DIVIDS
2022 2021
EUR000s EUR000s
Paid during year:
2021 dividend of 8.4 cent (2020: 0.0 cent)
per share on 14% non-cumulative preference
shares of EUR0.60 each 113 0
2021 dividend of 4.8 cent (2020: 0.0 cent)
per share on 8% non-cumulative preference shares
of EUR0.60 each 169 0
2021 final dividend of 100.0 cent (2020: 0.0
cent) per share on ordinary shares of EUR0.60
each 35,588 0
--------- ---------
Total dividends paid 35,870 0
--------- ---------
2022 2021
EUR000s EUR000s
Proposed:
2022 dividend of 8.4 cent (2021: 8.4 cent)
per share on 14% non-cumulative preference
shares of EUR0.60 each 113 113
2022 dividend of 4.8 cent (2021: 4.8 cent)
per share on 8% non-cumulative preference shares
of EUR0.60 each 169 169
2022 final dividend of 100.0 cent (2021: 100.0
cent) per share on ordinary shares of EUR0.60
each 35,588 35,297
--------- ---------
Total dividends proposed 35,870 35,579
--------- ---------
The proposed dividend excludes any amounts due on outstanding
share awards as at 31 December 2022 that are due to vest in April
2023 and is subject to approval by shareholders at the AGM on 11
May 2022. The proposed dividends have not been included as a
liability in the Consolidated Statement of Financial Position as at
31 December 2022.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 4 CALLED UP SHARE CAPITAL PRESENTED AS EQUITY
Number 2022 2021
EUR000s EUR000s
(i) Ordinary shares of EUR0.60
each
Authorised:
At the beginning and the end
of the year 51,326,000 30,796 30,796
------------ -------- --------
Issued and fully paid:
At the beginning of the year 35,461,206 21,277 21,277
Issued during the year 290,078 174 -
------------ -------- --------
At the end of the year 35,751,284 21,451 21,277
(ii) 'A' Ordinary shares of
EUR0.01 each
Authorised:
At the beginning and the end
of the year 120,000,000 1,200 1,200
------------ -------- --------
Issued and fully paid:
At the beginning and the end
of the year 13,169,428 132 132
------------ -------- --------
Total - issued and fully
paid 21,583 21,409
-------- --------
The 'A' ordinary shares of EUR0.01 each are non-voting. They are
non-transferable except only to the Company. Other than a right to
a return of paid up capital of EUR0.01 per 'A' ordinary share in
the event of a winding up, the 'A' ordinary shares have no right to
participate in the capital or the profits of the Company.
The holders of the two classes of non-cumulative preference
shares rank ahead of the two classes of ordinary shares in the
event of a winding up. Before any dividend can be declared on the
ordinary shares of EUR0.60 each, the dividend on the non-cumulative
preference shares must firstly be declared or paid.
The number of ordinary shares of EUR0.60 each held as treasury
shares at the beginning (and the maximum number held during the
year) was 164,005 (2021: 408,744). No ordinary shares were reissued
from treasury during the year under the FBD Performance Plan. The
number of ordinary shares of EUR0.60 each held as treasury shares
at the end of the year was 164,005 (2021: 164,005). This
represented 0.5% (2021: 0.5%) of the shares of this class in issue
and had a nominal value of EUR98,403 (2021: EUR98,403). There were
no ordinary shares of EUR0.60 each purchased by the Company during
the year.
The weighted average number of ordinary shares of EUR0.60 each
in the earnings per share calculation has been reduced by the
number of such shares held in treasury.
All issued shares have been fully paid.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 5 TRANSACTIONS WITH RELATED PARTIES
Farmer Business Developments plc and FBD Trust Company Ltd have
a substantial shareholding in the Group at 31 December 2022.
Details of their shareholdings and related party transactions are
set out in the Annual Report.
Both companies have subordinated debt investment in the Group.
Farmer Business Developments holds a EUR21.0m investment and FBD
Trust Ltd holds a EUR12.0m investment. During 2022 interest
payments of EUR1.1m and EUR0.6m were made to Farmer Business
Developments plc and FBD Trust Company Ltd respectively. Please
refer to note 26 for further details.
At 31 December 2022 the intercompany balances with other
subsidiaries was EUR5,867,000 (2021: EUR3,739,000).
For the purposes of the disclosure requirements of IAS 24, the
term "key management personnel" (i.e. those persons having
authority and responsibility for planning, directing and
controlling the activities of the Group) comprises the Board of
Directors and Company Secretary of FBD Holdings plc and the Group's
primary subsidiary, FBD Insurance plc and the members of the
Executive Management Team.
The remuneration of key management personnel ("KMP") during the
year was as follows:
2022 2021
EUR000s EUR000s
Short term employee benefits (1) 4,730 4,131
Post-employment benefits 275 262
Share based payments 1,386 1,346
-------- --------
Charge to the Consolidated Income Statement 6,391 5,739
-------- --------
(1) Short term benefits include fees to Non-Executive Directors,
salaries and other short-term benefits to all key management
personnel.
Full disclosure in relation to the 2022 and 2021 compensation
entitlements and share awards of the Board of Directors is provided
in the Annual Report.
At 31 December 2022 KMP had loans to the value of EUR19,085 with
the Group (December 2021: EUR18,000). KMP loans with the Group did
not exceed these values at any stage during the year.
In common with all shareholders, Directors received
payments/distributions related to their holdings of shares in the
Company during the year, amounting in total to EUR49,939 (2021:
EUR0).
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
Note 6 Subsequent Events
There have been no subsequent events which would have a material
impact on the Financial Statements.
Note 7 General Information and Accounting Policies
The financial information set out in this document does not
constitute full statutory Financial Statements for the years ended
31 December 2022 or 2021 but is derived from same. The Group
Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union, applicable Irish law and the listing Rules of
Euronext Dublin, the Financial Conduct Authority and comply with
Article 4 of the EU IAS Regulation.
The 2022 and 2021 Financial Statements have been audited and
received unqualified audit reports.
The 2022 Financial Statements were approved by the Board of
Directors on 9 March 2023.
The Consolidated Financial Statements are prepared under the
historical cost convention as modified by the revaluation of
property, investments held for trading, available for sale
investments and investment property which are measured at fair
value.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
ALTERNATIVE PERFORMANCE MEASURES (unaudited) (APM's)
The Group uses the following alternative performance measures:
Loss ratio, expense ratio, combined operating ratio, annualised
investment return, net asset value per share, return on equity and
gross written premium.
Loss ratio (LR), expense ratio (ER) and combined operating ratio
(COR) are widely used as a performance measure by insurers, and
give users of the financial statements an understanding of the
underwriting performance of the entity. Investment return is used
widely as a performance measure to give users of financial
statements an understanding of the performance of an entities
investment portfolio. Net asset value per share (NAV) is a widely
used performance measure which provides the users of the financial
statements the book value per share. Return on equity (ROE) is also
a widely used profitability ratio that measures an entity's ability
to generate profits from its shareholder investments. Gross written
premium refers to the premium on insurance contracts entered into
during the year and is widely used across the general insurance
industry.
The calculation of the APM's is based on the following data:
2022 2021
EUR000s EUR000s
Loss ratio
Net claims and benefits 145,807 123,538
Movement in other provisions 8,403 22,143
----------
Total claims incurred 154,210 145,681
Net premium earned 335,854 334,247
----------
Loss ratio (Total claims incurred/Net premium
earned) 45.9% 43.6%
----------- ----------
Expense ratio
Other underwriting expenses 95,962 93,369
Net premium earned 335,854 334,247
----------- ----------
Expense ratio (Underwriting expenses/Net 28.6%* 27.9%*
premium earned)
----------- ----------
* excluding the accelerated amortisation of the policy administration
system of EUR2,460,000, the Expense Ratio would be 27.8% (2021:
EUR5,884,000, 26.1%)
Combined operating ratio % %
Loss ratio 45.9% 43.6%
Expense ratio 28.6% 27.9%
----------- ----------
Combined operating ratio (Loss ratio +
Expense ratio) 74.5% 71.5%
----------- ----------
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
ALTERNATIVE PERFORMANCE MEASURES (unaudited) (APM's)
(continued)
2022 2021
Investment return EUR000s EUR000s
Investment return recognised in Consolidated
Income Statement (10,413) 15,679
Investment return recognised in Consolidated
Statement of Comprehensive Income (90,142) (12,202)
-------------- -------------
Total investment return (100,555) 3,477
Average investment assets 1,169,411 1,185,036
-------------- -------------
Investment return % (Total investment return/Average
investment assets) -8.6% 0.3%
-------------- -------------
2022 2021
Net asset value per share EUR000s EUR000s
Shareholders' funds - equity interests 422,788 472,382
-------------- -----------------
Number of shares
Number of ordinary shares in issue (excluding
treasury) 35,587,279 35,297,201
-------------- -----------------
Cent Cent
Net asset value per share (NAV) (Shareholders
funds / Closing number of ordinary shares) 1,188 1,338
-------------- -----------------
Return on equity
Weighted average equity attributable to
ordinary equity holders of the parent 447,585 428,182
Result for the year 64,454 96,409
Return on equity (Result for the year/Weighted
average equity attributable to ordinary
equity holders of the parent) 14% 23%
-------------- ---------------
Underwriting result
Net premium earned 335,854 334,247
Net claims and benefits (145,807) (123,538)
Other underwriting expenses (95,962) (93,369)
Movement in other provisions (8,403) (22,143)
Underwriting result 85,682 95,197
-------------- ---------------
Gross premium written: The total premium on insurance underwritten
by an insurer or reinsurer during a specified period, before
deduction of reinsurance premium.
Expense ratio: Underwriting and administrative expenses as
a percentage of net earned premium.
FBD Holdings plc
Supplementary Information (continued)
For the year ended 31 December 2022
ALTERNATIVE PERFORMANCE MEASURES (unaudited) (APM's) (continued)
Loss ratio: Net claims incurred as a percentage of net earned
premium.
Combined Operating Ratio: The sum of the loss ratio and expense
ratio. A combined operating ratio below 100% indicates profitable
underwriting results. A combined operating ratio over 100% indicates
unprofitable results.
Underwriting result: Net premium earned less net claims and
benefits, other underwriting expenses and movement in other
provisions.
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END
FR EAPDNELKDEFA
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March 10, 2023 02:00 ET (07:00 GMT)
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