FBD slashes losses as company eyes profitable 2017
Published 12/08/2016 | 08:03
Insurer FBD has slashed its losses in the first half of 2016 as a reduction in the firm's broker business caused written premiums to slip 2pc.
FBD posted a €3.7m loss for the fist six months of the year, representing a massive decline from the €96.4m deficit the company reported in the same period last year.
Gross written premium at the company fell to €180.8m during the opening half. Net assets per share at the company increased to 607c.
The company said the slip in written premium was down to a €10m reduction in business through its brokers.
FBD chief executive Fiona Muldoon said the results demonstrate the company is returning to profitability.
"There is increasing stability in our reserves with no further prior year development recorded since the strengthening that occurred one year ago. As expected, there was a net loss of €3.7m in the first half of 2016.
"We are firmly on track to deliver full year profitability in 2017. We remain focussed on our customer base in the Irish farm and small business sectors, backed up by a single brand consumer strategy. We will continue to serve that market in difficult trading circumstances," Ms Muldoon said.
The company also announced the appointment of Orlagh Hunt to the board as an independent non-executive director.