FINANCIAL PERFORMANCE
Full Year Results 2023
Tomás O'Midheach, Chief Executive Officer
Commenting on these results Tomás Ó Midheach, Group Chief Executive, said:
"Building on our successful approach to date to drive measured profitable growth, we are pleased to announce a robust result for 2023. This was achieved as a result of strong returns from our business activities, underpinned by our underwriting discipline. In addition, the result was enhanced by favourable prior year reserve development.
We are acutely conscious of the economic environment as inflation and interest rates increase costs with resultant impacts on our customers and our business. FBD strives to ensure that our customers remain with us for the service they receive and requires us to work with our customers to ensure they have appropriate cover.
We maintained our strong retention rates of our existing valued customers, while also driving growth in new customer and policy count numbers. Both of these performance factors are focused on meeting the needs of our customers through the provision of a personalised service nationwide.
FBD remains a strongly capitalised business with a Solvency Capital Ratio in excess of our stated risk appetite. We will continue to engage with our stakeholders and to monitor our capital position with the intention of moving closer to target capital."
Key Highlights
For the year ended 31 December 2023.
€81.4mProfit Before
Tax
Compared with €65.8m for 2022
81% Combined Operating
Ratio
Compared with 76.4% for 2022
€414m Gross Written
Premium
Compared with €383m for 2022
15% Return on
Equity
Compared with 12% for 2022
1330c Net Asset Value
per share
Compared to 1,276c for 2022
* Restated prior year financials following the adoption of IFRS 17 and IFRS 9
"In 2023, we demonstrated our commitment to sustainability in Ireland’s agriculture sector, and we are delighted to support financially ‘The Padraig Walshe Centre for Sustainable Animal and Grassland Research’. This centre will facilitate research that can provide innovative solutions to improve the environmental sustainability and efficiency of pasture-based systems.
I would like to thank the Board for their continued support and the wider FBD team for their commitment and hard work. We firmly believe that our relationship focused approach supported by a digitally enabled, data enriched organisation is delivering for our customers and stakeholders alike. Looking forward, we remain confident in the underlying profitability, future growth prospects and capital strength of the business."
"Building on our successful approach to date to drive measured profitable growth, we are pleased to announce a robust result for 2023. This was achieved as a result of strong returns from our business activities, underpinned by our underwriting discipline. In addition, the result was enhanced by favourable prior year reserve development. "
We firmly believe that our relationship focused approach supported by a digitally enabled, data enriched organisation is delivering for our customers and stakeholders alike. Looking forward, we remain confident in the underlying profitability, future growth prospects and capital strength of the business.”
