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FBD HOLDINGS PLC

FBD HOLDINGS PLC. 2005 PRELIMINARY RESULTS. Forward Looking Statements.

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FBD HOLDINGS PLC

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  1. FBD HOLDINGS PLC 2005 PRELIMINARY 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 • Core business …insurance underwriting. • leading position in target markets • strong brand identity • Non – Core • property/leisure • financial services • Excellent growth record.

  4. Operational Highlights of 2005 Underwriting • Strong new business volumes more than offset reducing premium rates. • Policy count at 31st December 2005 up 12.5% on 2004 figure. • Branch network enhanced. • Dublin Market targeted • New products introduced (Shops, Trades, Breakdown / Claims Assist 24 Hour service) • Increased investment in infrastructure and human resources

  5. Operational Highlights of 2005 Non-Underwriting • 40 Residential units sold at La Cala Resort • Third championship golf course (“The Europa”) opened for play at La Cala. • Castlerosse Hotel, Killarney sold. • Castleknock Hotel & Country Club opened.

  6. Operational Highlights of 2005 Corporate • KBC disposed of its 22% shareholding. • FBD partakes in KBC sale…(€81m buyback) • Free float increased to 58%

  7. Financial Highlights

  8. Preliminary Results: Year to 31st December 2005Income Statement

  9. 2005 2005 2004 2004 % % € € 000s 000s € € 000s 000s Underwriting Result Underwriting Result 90,450 90,450 65,939 65,939 +37.2% +37.2% Longer term investment return Longer term investment return 44,435 44,435 40,713 40,713 +9.1% +9.1% Non underwriting operating income Non underwriting operating income 27,739 27,739 18,142 18,142 +52.9% +52.9% Operating profit Operating profit 162,624 162,624 124,794 124,794 +30.3% +30.3% Operating profit by activity Operating profit by activity Insurance Underwriting Insurance Underwriting 134,885 134,885 106,652 106,652 Non Non - - Underwriting Underwriting - - Property/Leisure Property/Leisure 13,644 13,644 10,586 10,586 - - Financial Services Financial Services 3,302 3,302 3,905 3,905 - - Capital Fund Capital Fund 10,793 10,793 27,739 27,739 3,651 3,651 18,142 18,142 162,624 162,624 124,794 124,794 Preliminary Results: Year to 31st December 2005Income Statement…. Contd.

  10. Preliminary Results: Year to 31st December 2005Income Statement….. Contd.

  11. Preliminary Results: As at 31st December 2005Balance Sheet - Assets

  12. Preliminary Results: As at 31st December 2005Balance Sheet - Liabilities

  13. Preliminary Results: Year to 31st December 2005Statement of Changes in Equity

  14. Preliminary Results: Year to 31st December 2005Cash Flow Statement

  15. 5 Year Financial Performance

  16. 5 Year Financial Performance

  17. 5 Year Financial Performance

  18. Return on equity

  19. Gross Claims Run-off

  20. Market share (IIF) Gross written Premium € m 10% 8.8% 8.8% 8.2% 7.7%

  21. Post Balance Sheet Events • 23rd February 2006, • Conditional agreement to sell 96 hectares of development land at La Cala • Total consideration €201m. in cash, in phased payments. • Estimated profit after tax… €90 m. • Intention to distribute the net cash proceeds, estimated at €120m. in two special dividends.

  22. OUTLOOK Underwriting • Year to date trading on target • Price competition continues • Ambitious new-business volumes targeted • Further investment in people and infrastructure planned • Road accident trends negative, pending Government action • Increased claims incurred charge….higher exposures • No significant changes in claims reserving approach envisaged, in the short term • Combined ratio to move towards European norms

  23. OUTLOOK…Contd. Non -Underwriting • Property / Leisure • Operating environment to remain challenging • New marketing strategies being implemented • Financial Services • Falling premiums pressurising income • Increased sales activity planned

  24. OUTLOOK…Contd. Capital Retained • Increasing dividend payout • Opportunities to invest capital in core / related financial service businesses to be investigated • All options to maximise returns to shareholders under ongoing review……. • ………meanwhile , prudent investment.

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