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BRIEF-FBD posts FY profit of 11 mln euros before tax
February 27, 2017 / 7:11 AM / 9 months ago

BRIEF-FBD posts FY profit of 11 mln euros before tax

Feb 27 (Reuters) - Fbd Holdings Plc

* FY eur 11m profit before tax from continuing operations, including a one-time pension gain of eur 7m

* Full year combined operating ratio (“cor”) of 99% helped by both our own strong underwriting actions and benign winter weather

* Gross written premium of eur 362m, driven by a reduction in broker business,

* Improved risk selection and price adequacy driving a lower loss ratio

* Well positioned to make further progress during 2017

* Group is now well positioned to begin to deliver sustainable shareholder returns through growth in book value.

* Sees Brexit as significant headwind to otherwise strong Irish economic prospects

* 2017 group is targeting continued steady improvement of its key measure, cor, in target range of mid to high nineties.

* Group’s economic capital is within its target range of 110-130% of scr. Further company coverage: (Reporting By Conor Humphries)

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