FBD Holdings posts €85m loss after "exceptionally difficult year"
Published 29/02/2016 | 07:37
FBD Holdings has posted a net loss for 2015 of €84.8m in a year where it kept its gross premium written stable at €363m.
In the firm's annual results for 2015 published this morning, FBD said that it had stabilised in the second half of the year following the sale of FBD Hotels as well as capital strengthening and major pension changes.
The firm also said that it had met its cost reduction targets as well.
FBD says that the net loss of €85m was largely driven by prior year claims development of €96m, of which €88m was reported in the first half of 2015.
Speaking about the results group chief executive, Fiona Muldoon, said the firm has delivered on commitments made to its shareholders.
"After an exceptionally difficult year FBD has stabilised. We have delivered on the commitments made to our shareholders last summer. Our corrective pricing and risk selection actions are building momentum towards restoring profitability.
"The cost of claims and all of the ancillary costs associated are affecting everyone in Ireland. Court award levels are at an all-time high. We will work with the industry and the government to tackle the cost of claims for the benefit of all our customers. We urge the next government to make dealing with this a priority," Ms Muldoon said.
As well as prior year claims the firm's net loss also includes an €11m restructuring charge.