FBD sees profits rise to €18m in first half of 2018

FBD’s Fiona Muldoon
FBD’s Fiona Muldoon

Despite adverse weather and challenging investment returns FBD Holdings CEO Fiona Muldoon said the company delivered a 'healthy profit' of €18m for the first half of the year.

In its half yearly report, FBD said Gross Written Premium of €192m, €2m higher than 2017 (€190m). It also highlighted strong customer retention combined with increased new business in Consumer, Commercial and Farm.

Its net profit before tax of €18.4m over the period, compares to €11.9m in 2017.

However, the company also warned that Investment returns continue to be poor in a volatile environment emphasising the need for continued underwriting discipline.

Commenting on these results Fiona Muldoon, Group Chief Executive, said rhis is a very strong set of results for the first half of 2018 particularly in the context of a major snow storm in March.

"We are pleased with our new business levels and we continue to build our business in Farm, Commercial and Consumer through our quality products and our direct relationships with our customers.

"The cost of injury claims remains a challenge for Irish customers. We look forward to the Personal Injuries Commission report and we urge the Government to follow up in order to provide a lower cost, sustainable claims environment for the benefit of all insurance customers particularly Irish businesses. 

"We continue to work hard to ensure that all new proposals will deliver for Irish farmers, businesses and consumers, who continue to bear the cost of significantly higher premiums than those seen in other countries.

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"We were delighted to open our Baggot Street Branch last week and we will use this office as a base to offer commercial insurance to many Dublin based businesses.  We are also looking forward to the launch of our motor insurance partnership with Post Insurance in the coming months. " 

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