FBD: Premiums will only fall if numbers claiming also decreases
Insurance company FBD has said that the insurance environment “remains challenging” in Ireland, with the company emphasising that premiums in will only fall when the number of claims drops.
FBD posted pre-tax profits of €11m for last year with the company noting that the insurance market in Ireland has “stabilised somewhat”.
The company’s annual accounts show that the €11m profit was aided by a one-off pension gain of €7m. The company had suffered losses of €86m in 2015.
FBD said that it had targeted the farm and SME sectors in 2016 and had boosted its balance sheet by €7m following changes to its defined benefit pension scheme.
“"I am pleased to note that FBD has returned to profit helped by an unusually mild winter so far and our own strong underwriting actions,” said FBD , Fiona Muldoon, ceo of FBD.
“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,” Ms Muldoon added.