FBD posts modest profit - but warns insurance premiums will 'remain high'
FBD group has announced an €11m profit before tax from continuing operations, including a one - time pension gain of €7m. It comes on the back of a loss of €89m in 2015
In its 2016 preliminary results announced this morning the group highlighted its continued focus on Irish farm and small business (SME) sector underpinned by a single brand consumer strategy
Gross Written Premium of €362m , was down €1m compared to 2015 including a €15m reduction in business written through brokers
Meanwhile average premium rates increased of 9pc, offset by a 5pc decline in policy volume from direct operations.
Commenting on these results, Fiona Muldoon, Group Chief Executive, said she was pleased to note that FBD has returned to profit helped by an unusually mild winter so far and our own strong underwriting actions.
"Our strong customer relationships and the level of service we provide have ensured good retention in our key customer groups despite some of the necessary price increases they have experienced.
"While we saw some degree of stabilisation in the cost of claims, we believe insurance premiums in Ireland are and will remain high until structural claims reform is successfully executed," she said.