Thursday 26 April 2018

Insurance firm FBD says business improving but outlook challenging

Thomas Molloy

Thomas Molloy

FBD said business is improving but the outlook remains tough.

Chief executive Andrew Langford said he has seen more encouraging signs in Irish economy than has seen in a while, though this year still going to be tough.

Mr Langford added that he expects Irish insurance market to remain static in 2013 and doesn’t see any huge drivers in terms of premium costs one way or another.

He was speaking after the Irish insurance company said pretax profits rose 5.3pc to €52.9m. FBD estimates that it has increased its market share to 12.5pc and increased its final dividend by 29pc. Gross premiums written by FBD fell 2pc to €344.3m.

FBD said it is hiking the the second-half dividend 29pc to 30 cent

“This increase in dividend will help the group move towards its desired pay-out ratio while maintaining a high dividend cover and providing the potential for a progressive dividend in future years,” the company said.

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