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FBD HOLDINGS PLC

FBD HOLDINGS PLC. 2006 INTERIM RESULTS. Forward Looking Statements.

danielle-garcia
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FBD HOLDINGS PLC

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  1. FBD HOLDINGS PLC 2006 INTERIM RESULTS

  2. Forward Looking Statements This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could affect expected results

  3. Introduction to FBD Holdings plc • Insurance underwriting……… our primary business • leading position in target markets • strong brand identity • Non – underwriting • property/leisure • financial services • Excellent growth record.

  4. Operational Highlights of 2006 to date Underwriting • Strong new business volumes more than offset reduced premium rates. • Policy count at 30th June 2006 up 7% on December 2005. • Branch network enhanced and Dublin personal lines unit strengthened. • Growth in Dublin market continuing • Increased investment in infrastructure and people - VOIP/Business Support Centre – (Mullingar) - Workflow systems to enhance efficiency - New off-site IT availability for resilience/flexibility

  5. Operational Highlights of 2006 to date Non-Underwriting La Cala • Conditional agreement to sell 96 hectares of development land at La Cala entered into on 23rd February 2006 for a total consideration of €201m in phased cash payments, apportioned between two tranches of land. • Initial consideration payment of €100m arising on the Tranche I land was received on 22nd June 2006. Balance of Tranche I consideration of €21m due on 30th June 2007. • Profit before tax of €83.6m on Tranche I land recognised. • Caracala Spa opened at La Cala resort. Sunset/Tower • Improvement in visitor numbers

  6. Operational Highlights of 2006 to date Corporate • Farmer Business Developments plc reduces shareholding from 34% to 24.8% via placing of 4.5m shares. (11.6% of share capital). • FBD partakes in the placing…….buys back 3.8m shares (10% of share capital) for €129m….. shares cancelled. • Free float moves to 67% • Special dividend of €1.60 per share declared on foot of receipt of consideration for tranche I land at La Cala – total of €55m paid 11th August 2006.

  7. Financial Highlights

  8. Financial Highlights Contd

  9. 2006 Interim ResultsIncome Statement

  10. 2006 Interim ResultsIncome Statement … Contd

  11. 2006 Interim ResultsIncome Statement … Contd

  12. 2006 Interim ResultsBalance Sheet - Assets

  13. 2006 Interim ResultsBalance Sheet - Liabilities

  14. 2006 Interim ResultsStatement of Changes in Equity

  15. 2006 Interim ResultsCash Flow Statement

  16. Financial History

  17. Financial History

  18. Financial History

  19. Return on equity

  20. Market Share – Gross Written Premium – 2005 (IIF) All Business Total Market 2005 - €3,841m: 2004 - €3,957m : 2003 - €4,239m : 2002 - €3,955m FBD Premium 2005 - €389m : 2004 - €351m. : 2003 - €369m : 2002 - €326m

  21. OUTLOOK Group • On schedule to deliver a full year operating performance which will fulfil expectations. Underwriting • Price competition and discounting continuing and will continue to impact margins into the future. • Further volume growth targeted. • Further infrastructural and people investment planned. • Recent Government initiatives – outcome awaited. • Claims reserving policy under ongoing review. • Combined ratio to gravitate to European norms.

  22. OUTLOOK…Contd. Non-Underwriting • Property/Leisure - Businesses to deliver improved performances in challenging environment. - Operational plans being implemented/ modified to further improve returns. • Financial Services - Falling commercial premiums will impact income of general insurance brokerage. - Impact to be mitigated by excellent retention levels and activity in other financial services businesses.

  23. OUTLOOK…Contd. Capital • Proactive approach to capital management confirmed. - Share buyback in June 2006 - Distribution of proceeds of La Cala land sale. • Dividend payout to continue to increase. • Continuing assessment of opportunities to invest in core/related financial businesses with a view to maximising shareholder returns • ……. Meanwhile, prudent investment.

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