FBD profits continue to grow
FBD Holdings has reported continued strong growth for the six months ending June 30, 2004.
Operating profit for the period amounted to €65.9m, compared to €61.8m for the first half of 2003.
The resultant earnings-per-share figure is €1.38 (€1.26, June 2003).
Profit before taxation, which includes negative short-term fluctuations in investment return of €7m, was €58.9m.
Gross premiums written in the period grew to €187.8m.
There was strong growth in personal lines business, while customers’ premiums were reduced, the company said
The increase in net earned premium in the insurance underwriting arm to €158.6m, is attributed to the aforementioned business growth, higher levels of retention for reinsurance purposes and the earn-out of buoyant 2003 sales in the period.
The financial services division of the group includes general and life assurance brokerages.
The contribution to operating profit from the division increased to €3.1m.
On the property and leisure front, the group's interests in La Cala Resort and Sunset Beach on the Costa del Sol, Spain, and its 75% shareholding in the Tower Hotel Group in Ireland, contributed €2.1m. To profit.
In the corresponding period last year, the contribution from this division included the profit realised on completed sales of the Los Altos Apartment Complex at La Cala.
The follow-on building project, Los Colinas (32 villas/townhouses) is scheduled for completion in late 2004/early 2005.
FBD said the favourable underwriting result will enable it to provide a special loyalty discount off renewal premiums to all of its core product policyholders. It will apply to specified policies in force in October 2004, which are renewed for the succeeding year. The total value of this discount will be €30m.
FBD began its day’s trading on the ISEQ at €17.
