Rns...27 Aug 2013 08:37
RNS Number : 4528M
FBD Holdings PLC
27 August 2013
FBD HOLDINGS PLC
27 August 2013
FBD HOLDINGS PLC
Half Yearly Report
For the Six Months Ended 30 June 2013
FINANCIAL HIGHLIGHTS Restated*
2013 2012
EUR000s EUR000s
* Gross written premium 175,910 174,729
* Operating profit 24,102 28,114
* Profit before taxation 19,091 21,846
Cent Cent
* Operating earnings per share 63 74
* Diluted earnings per share 49 57
* Ordinary dividend per share 15.75 12.25
* Net assets per share 740 666
OPERATIONAL HIGHLIGHTS
-- Strong performance with half year profit before taxation of EUR19.1m.
-- As expected, profit in the period is lower than the first half of 2012 primarily due to reduced returns in global investment markets.
-- Key strategic initiatives deliver further growth in gross written premium, customer numbers and market share.
-- Industry leading combined operating ratio of 94.7% (2012: 92.5%).
-- Interim dividend increased 29% to 15.75 cent.
-- FBD Insurance capital base further strengthened with solvency level of 70%, up from 63% at 30 June 2012.
-- Increase in net asset value per share to EUR7.40.
-- Full year operating earnings per share guidance re-affirmed at 145 - 155 cent per share.
Commenting on the results, Andrew Langford, Group Chief Executive, said:
"These are excellent results in difficult economic conditions. Key strategic initiatives delivered an increase in premium and customer numbers in an insurance market that continued to contract, resulting in further growth in FBD's market share. We have maintained our prudent management of risk, reserving and investments. FBD has followed through on its commitment to increase its dividend, which is up 29% on 2012. The Group is in a strong position to progress its strategic plans and is investing in future growth. The Board is confident that FBD will continue to outperform its peers in delivering superior returns to shareholders".
* Where applicable and unless otherwise stated, all comparative figures have been restated
to exclude operations that were sold during 2012 and to reflect changes to IAS 19
"Employee Benefits".
Enquiries Telephone
FBD
Andrew Langford, Group Chief Executive +353 1 409 3208
Cathal O'Caoimh, Group Finance Director
Peter Jackson, Head of Investor
Relations
Murray Consultants
Joe Murray +353 1 498 0300
Joe Heron
A presentation will be made to analysts at 9.30 am. today, a copy of which will be a