LONDON (Alliance News) - FBD Holdings PLC Monday reported an operating loss per share in 2014, hit by claims and bad weather, although the insurer is forecasting a return to positive operating earnings per share in the current year as long as the claims environment doesn't throw up any big surprises.
In a statement, FBD said reported an operating loss of 13 cents per share in 2014, compared with operating earnings of 136 cents per share in the prior year. The group swung to a pretax loss of EUR4.5 million from a pretax profit of EUR51.5 million in the prior year.
The Irish property and casualty insurer said it is guiding 2015 operating earnings per share of between 20 cents and 40 cents, subject to no exceptional claims events arising.
Shares were untraded at EUR11.50 Monday morning.
Chief Executive Andrew Langford said that 2014 was a very difficult year for both the company and the Irish insurance industry as a whole, adding that the claims environment deteriorated in a way that defied the group's 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. As a result, FBD is better positioned to manage the immediate challenges within the industry as it moves through the underwriting cycle and ultimately to take advantage of the improving Irish economy," Langford said in a statement.
FBD increased its dividend for the year by 2 cents to 51 cents per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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