(Alliance News) - Irish insurance company FBD Holdings PLC on Thursday said 2019 profitability will be significantly ahead of market expectations, with pretax profit to be at least EUR100 million.
In 2018, the company recorded pretax profit of EUR50.1 million.
Trading was ahead of expectations, the company said, mainly due to a strong positive prior year reserve development, exceptionally benign weather throughout the year and better than expected investment returns.
FBD expects that its Solvency Capital Ratio at December 31 to be in excess of 180% after allowing for any potential proposed dividend in line with its payout policy. Solvency Capital Ratio stood at 164% at the end of 2018.
FBD Holdings is slated to release its 2019 results on February 27.
Shares in FBD Holdings were untraded at EUR8.39 each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.