Half Year Results 2024

I am pleased to announce a strong, consistent performance from FBD for the first half of 2024 as the business continued to grow over the period across all customer sectors. Our customer focused strategy has established a strong momentum, as seen in the increase in number of new customers over the period and in the retention rates of our loyal customers.

GWP has grown by 10% year on year reflecting our 34-strong local office network, online offering and contact centre providing valued products, personalised service and support for our customers when they need us.

The Board has approved a special dividend of 100c per ordinary share. Our Solvency Capital ratio of 204%, after this dividend, demonstrates the strength of the franchise.

We welcome the certainty from the Delaney v. Injuries Resolution Board case confirming the Judicial Council guidelines and we hope to see the increase in settlement rates continuing in accordance with the Insurance Reform agenda.

With regard to our claims experience, Motor Damage continues to experience double digit inflation year-on-year. In addition, Property claims increased substantially due to significant weather events in the first quarter, in particular Storm Isha.

We made further progress in relation to ESG advocacy, where we recently announced, in partnership with UCD, an investment in new agricultural research and education facilities at UCD Lyons Farm. This underscores FBD’s commitment to supporting Ireland’s rural communities and the future of Irish agriculture.

I would like to acknowledge the support of the Board and the wider FBD team for their commitment and hard work in delivering these half year results.

We look forward to building on this momentum in the second half of the year while delivering sustainable value for all our stakeholders.