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Bad weather was bad news for FBD in 2014

FBD has posted a pre-tax loss of €4.5m for 2014 - this is down from a profit of €5...
Newstalk
Newstalk

10.05 2 Mar 2015


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Bad weather was bad news for F...

Bad weather was bad news for FBD in 2014

Newstalk
Newstalk

10.05 2 Mar 2015


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FBD has posted a pre-tax loss of €4.5m for 2014 - this is down from a profit of €51.4m in 2013. The company says that it had the "worst weather experience" in the group's history.

Net claims came to €261m - that is a 30 percent increase on the previous year. Storm-damage claims from February cost FBD €15.2m, over 9,000 of its customers were affected by Storm Darwin.

Gross premiums written increased by 3.6 percent to €363.7m in 2014.

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Increases in premium rates during the year did not match the sharp increase in claims.

Andrew Langford, the group's chief executive discussed the company's challenging year:

"The claims environment has deteriorated significantly and at a speed which exceeded expectations. Our focus for 2015 is on ensuring that we continue to support our customers when they need us, while ensuring that our business model remains robust and delivers a return for shareholders. FBD has taken significant, targeted actions to return to profitability."

In 2015 FBD projects that operating earnings per-share of between 20 cent or 40 cent - "subject to no exceptional claims events arising."


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