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FBD Holding Plc
Interim / Quarterly Report • Aug 8, 2025
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Interim / Quarterly Report
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FBD HOLDINGS PLC
Half Yearly Report
08 August 2025 For the Six Months ended 30 June 2025
HALF YEAR 2025 AT A GLANCE
| Profit before tax |
Insurance Revenue |
Special dividend approved |
|---|---|---|
| €17m | €235m | 75c |
| Gross written premium1 +10% |
Combined operating ratio1 94.2% |
SCR (Post dividend & share repurchase) 202% |
COMMENTING ON THESE RESULTS TOMÁS Ó MIDHEACH, GROUP CHIEF EXECUTIVE, SAID:
"We are pleased to announce a strong underlying performance for FBD for the first six months of 2025.
Our customer focused strategy continues to deliver, with the strong momentum built over recent years carrying through into 2025. Gross Written Premium (GWP) increased by approximately 10% compared to the same period in 2024 reflecting continued growth across our business. Customer retention remains consistently high, underpinned by the strength of our nationwide branch network, which provides trusted local expertise and support to the communities we serve.
We are grateful for the ongoing loyalty and connection to our customers which is central to everything we do at FBD.
We welcome the recent publication of the Government's Action Plan for Insurance Reform 2025 - 2029. Building on our support for the first action plan, we remain committed to this next phase and will continue to work closely with all stakeholders to help deliver progress on key priorities.
The first half of this year was not without challenge. Severe weather events, including heavy snowfall in January and Storm Éowyn led to a significant surge in claims activity. It is during these times that our customers rely on us the most. As of today, circa 90% of the weather-related claims have been resolved with the remainder progressing towards finalisation.
Despite volatility in investment markets, our investment return through the Income Statement has remained positive year to date.
Maintaining a strong capital position while delivering sustainable dividends continues to be one of our key goals. We are very pleased to confirm our Board have approved a special dividend of 75 cent per ordinary share. Our Solvency Capital ratio of 202%, which, after distributions, remains in excess of our target risk appetite, reflects the financial strength and stability of our business.
Looking ahead to the second half of 2025, we remain focused on maintaining our momentum. While mindful of ongoing uncertainties in the external environment, we are confident that our relationship driven approach, supported by a digitally enabled, data enriched organisation will continue to deliver long-term value for our customers and stakeholders alike."
1 Please see the Alternative Performance Measures on pages 58 to 65 for definition of Gross Written Premium and Combined Operating ratio
3
KEY HIGHLIGHTS
- • Profit before tax of €17m.
- • Special dividend approved of 75 cent per ordinary share.
- • Return on Equity (ROE) of 6%.
- • Combined Operating Ratio (COR) of 94.2% reflecting impact of January 2025 weather events, offset by underlying underwriting profitability and favourable prior year reserve development.
- • January 2025 weather events are expected to have a net cost of €30.6m (including reinstatement premium).
- • Gross written premium (GWP) increase of 10% to €249m. Insurance revenue has increased by 11% to €235m.
- • Almost two-thirds of the average premium increase of 6.1% relates to customers increasing their level of insurance cover and changing business mix.
- • Policy count growth of 3.8% across Farmer, Business and Retail sectors, with over half of the increase coming from Farmer. Retention levels of existing business remain consistently high.
- • Positive investment portfolio return of 1.9% (€21m), 1.2% (€13m) through the Income Statement and 0.7% (€8m) through Other Comprehensive Income (OCI).
- • Allocated capital of €4m for share repurchase over the remainder of 2025.
- • Our capital position remains strong with a Solvency Capital Ratio (SCR) of 202% (unreviewed) after allowing for the special dividend and share repurchase compared to 197% at 31 December 2024 (which allowed for January 2025 weather events).
- • FBD were winners of the 2025 CSR/Community/Green Loyalty Programme at the Irish Loyalty Awards.
- • Updated guidance: Combined Operating Ratio of low 90s achievable for full year 2025.
A presentation will be available on our Group website www.fbdgroup.com today.
| Enquiries | Telephone |
|---|---|
| FBD | |
| Fiona Meegan, Investor Relations | +353 1 4194885 |
| Drury Communications | |
| Paddy Hughes | +353 87 6167811 |
About FBD Holdings plc ("FBD")
Established in the 1960s by farmers for farmers, FBD has built on our roots in agriculture to become a leading general insurer serving the needs of farmer, business and retail customers. With 34 offices throughout Ireland & a multichannel distribution strategy, we are never far away & always ready to support our customers.
Forward Looking Statements
Some statements in this announcement are forward-looking. They represent expectations for the FBD Group's (the Group's) business and involve risks and uncertainties. These forward-looking statements are based on current expectations and projections about future events. The Group believes that current expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors,
which are in some cases beyond the Group's control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.
The following details relate to FBD's ordinary shares of €0.60 each which are publicly traded:
| Listing | Euronext Dublin |
|---|---|
| Listing Category | Premium |
| Trading Venue | Euronext Dublin |
| Market | Main Securities Market |
| ISIN | IE0003290289 |
| Ticker | FBD.I or EG7.IR |
OVERVIEW
FBD BUSINESS INSURANCE CUSTOMER
Dvir Nusery & Nicola Crowley Mezze, Tramore, Co. Waterford.
FINANCIAL SUMMARY & OPERATING PERFORMANCE
| FINANCIAL SUMMARY | Half Year ended 30 Jun 2025 |
Half Year ended 30 Jun 2024 |
|---|---|---|
| €000 | €000 | |
| Gross written premium1 | 248,901 | 226,067 |
| Insurance revenue | 235,093 | 212,597 |
| Underwriting result1 | 13,748 | 26,251 |
| Investment return | 13,142 | 14,971 |
| Profit before taxation | 17,121 | 32,259 |
| Loss ratio1 | 66.6 % | 60.0 % |
| Expense ratio1 | 27.6 % | 27.7 % |
| Combined operating ratio1 | 94.2 % | 87.7 % |
| Undiscounted Combined operating ratio1 | 96.7 % | 91.9 % |
| Cent | Cent | |
| Basic earnings per share | 41 | 79 |
| Net asset value per share1 | 1,308 | 1,293 |
1 A reconciliation between IFRS and non-IFRS measures is given in the Alternative Performance Measures (APMs) on pages 58-65.
- • The largest element of Insurance revenue is Gross written premium (GWP) which increased by 10% to €249m (2024: €226m) with growth across all sectors.
- • Underwriting result has decreased by €12m to €14m (2024: €26m) and equates to a COR of 94.2% (2024: 87.7%). The decrease reflects the impact of the January 2025 weather events, net of underlying underwriting profits and favourable prior year reserve development.
- • The expense ratio of 27.6% includes Insurance acquisition expenses and Non-attributable expenses. Overall costs have increased by €6m, which reflect higher employee costs, inflationary impacts within the IT and Telecoms base and increasing costs for marketing promotional strategies.
- • Overall investment return was positive driven by cash and bond income as well as an overall positive contribution from risk assets resulting in a profit through the Income Statement of €13m (2024: €15m) and mark-to-market gains through Other Comprehensive Income (OCI) of €8m (2024: -€4m).
- • Net Asset Value per share of 1,308 cent has reduced from 1,346 cent at the end of 2024 as dividends paid exceeded profits accreted in the period.
Insurance Revenue
Insurance revenue is 10.6% higher at €235.1m (2024: €212.6m). Gross written premium is the largest part of Insurance revenue and is 10.1% higher than 2024 at €248.9m (2024: €226.1m) with growth across all our sectors, channels and products. Policy count growth was 3.8% across Farmer, Business and Retail sectors, with Farmer policy count increasing by 5,700 policies on the same period last year. We are seeing strong acquisition and retention relating to our Home insurance offering across both Direct and Partnership channels with a 7.0% increase in policy count. Retention rates have remained consistently high in the first half of 2025. There has been strong new business growth in our Business sector.
Average premium increased by 6.1% across the portfolio with almost two-thirds of the increase reflecting the change in mix and increasing liability and property coverage, with some rate applied FBD Holdings PLC Half Yearly Report 2025
Overview Interim Financial Statements
reflecting inflationary impacts. Private Motor average premium increased by 5.4%, in response to high levels of inflation and frequency experienced over the last number of years in relation to Motor Damage claims. Home and Farm average premium increased by 9.3% and 10.0% respectively, reflecting increases in property sums insured, mostly through indexation, as rebuild costs continued to rise.
Insurance Service Expenses
Insurance service expenses (ISE) increased by €127.9m to €257.0m (2024: €129.1m). The table below splits the ISE into gross incurred claims, changes that relate to past service and Insurance acquisition expenses. The Gross incurred claims increased by €96.1m mainly reflecting poor weather experience in January 2025 due to Storm Éowyn and the January cold spell. Changes that relate to past service decreased by €26.5m reflecting reduced favourable prior year reserve movements, gross of reinsurance and IFRS 17 specific movements in the Risk Adjustment and Discounting. Insurance acquisition expenses of €45.4m form part of the ISE and are referenced below under Expenses.
| Insurance Service Expenses | Half Year ended 30 June 2025 €000 |
Half Year ended 30 June 2024 €000 |
|---|---|---|
| Incurred claims and other expenses | (229,517) | (133,378) |
| Changes that relate to past service - Changes in Fulfillment Cashflows (FCF) relating to the Liability for incurred claims (LIC) |
17,932 | 44,400 |
| Insurance acquisition expenses | (45,403) | (40,146) |
| Total Insurance service expenses | (256,988) | (129,124) |
Claims Trends
Property claims notifications have been impacted by the January 2025 weather events. The average attritional cost of Property claims has increased by 3% to June 2025, and is 37% higher compared to June 2021, due to disrupted supply lines, skills shortages, materials and parts inflation.
Positively, injury notifications have decreased by 2% year on year. However, Motor injury notifications are 7% higher than prior year, with the majority of the increase relating to Commercial Motor. The average cost of injury claims settlements has reduced by 1% year on year. The injury settlement rate is up 7% compared to 2024 driven by an increase in activity through the litigation channel.
Motor Damage notifications increased by 5% compared to 2024, primarily driven by weather related damage claims. We continue to see increasing Motor Damage costs due to higher cost of repairs and an increase in vehicle write-offs.
Weather and Large Claims
Net of reinsurance, weather losses to date in 2025 were substantially higher than the first half of 2024. This was primarily driven by the January 2025 weather events with an expected net cost to FBD of €30.6m. Comparably for FY2024 there were two storm events, Storm Isha and Storm Darragh, with a net cost to FBD of €14.7m.
Large injury claims, defined as a value greater than €250,000, notified to date in 2025 are in line with the average over the past 10 years.
Expenses
The Group's expense ratio is 27.6% (2024: 27.7%). Insurance acquisition expenses and Non-attributable expenses are combined to calculate the total expense cost of €65.0m (2024: €59.0m). The increase reflects higher employee costs, inflationary impacts within the IT and Telecoms base and expanded marketing promotional strategies.
Reinsurance
The reinsurance programme for 2025 was successfully renegotiated with some minor changes. Exposure growth in our Property lines (e.g. Home, Farm and Commercial Multiperil) contributed to an increase in the retention and upper limit of the Property Catastrophe programme. Reinsurance market conditions were more favourable than recent years with a reduction in reinsurance rates of 1.4% for Casualty and 8.8% for Property on the comparable renewed cover.
For 2025, the net income from reinsurance contracts held increased by €92.9m to €74.6m due to anticipated reinsurance recoveries on the January 2025 weather events. There has also been a small reduction in reinsurance premium compared to 2024 reflecting improved reinsurance rates agreed for 2025.
Combined Operating Ratio (COR)
The Group generated an underwriting profit of €13.7m (2024: €26.3m) which translates to a Combined Operating Ratio (COR) of 94.2% (2024: 87.7%). The undiscounted Combined Operating Ratio (COR) was 96.7% (2024: 91.9%).
Other Provision Charges
Other provision charges of €3.0m included in the Income Statement (2024: €4.4m), is made up of Motor Insurers' Bureau of Ireland (MIBI) levy, net of small reductions in previous provisions. Since 1 January 2025 there has been no requirement to contribute to the Motor Insurers Insolvency Compensation Fund (MIICF).
Investment Return
FBD's total investment return for 2025 is 1.9% (2024: 1.0%). The investment return recognised in the Consolidated Income Statement is 1.2% (2024: 1.3%) and in the Consolidated Statement of Other Comprehensive Income is 0.7% (2024: -0.3%).
The following table compares the Income Statement returns for 2025 to 2024:
| Half Year ended 30 June 2025 |
Half Year ended 30 June 2024 |
Movement | |
|---|---|---|---|
| Group Investment Assets | €000s | €000s | €000s |
| Corporate Bond Income1 | 6,360 | 4,685 | 1,675 |
| Government Bond Income | 1,390 | 1,123 | 267 |
| Bond realised losses2 | (841) | (108) | (733) |
| Deposits and Cash3 | 1,666 | 2,455 | (789) |
| Risk Assets4 | 5,264 | 7,576 | (2,312) |
| Investment Property | 23 | (85) | 108 |
| Expenses | (720) | (675) | (45) |
| Total | 13,142 | 14,971 | (1,829) |
1Corporate bond income increased in 2025 as maturities were re-invested at higher interest rates.
2 Bond realised losses in both 2025 and 2024 due to book yield enhancement trading. 3
Return on Deposits and Cash has decreased due to ECB rate cuts. 4 Private markets funds major driver of Risk Assets returns.
Income Statement returns from the bond portfolios increased in 2025 as maturities continue to be reinvested at higher interest rates. Some realised losses were incurred on bonds sold to enhance longer-term yield with the additional income expected to outweigh the realised losses over the full year. Cash and deposit returns have moderated as the European Central Bank (ECB) cut interest rates a further four times in 2025. These rate cuts have expedited the pull-to-par effect, which, along with tightening credit spreads, contributed to the positive OCI return. Risk assets contributed €5.3m to the overall income statement return with liquid risk assets recovering from the "Liberation Day" turmoil and private markets funds continuing to generate strong returns.
9
Financial Services and Other Group activities
The Group's financial services operation recorded commission income of €1.2m (2024: €1.9m). Expenses relating to financial services and other group activities of €4.6m are largely in line with last year (2024: €4.3m) and include professional fees, listing fees and director remuneration.
STATEMENT OF FINANCIAL POSITION
IFRS Capital position
Ordinary shareholders' funds at 30 June 2025 amounted to €473.9m (31 December 2024: €483.2m). The decrease in shareholders' funds is driven by the following:
- • Payment of the ordinary and preference dividends related to the 2024 financial performance totalling €36.5m;
- • Offset by Profit after tax for the period of €14.8m;
- • OCI gains after tax for the year of €8.0m made up of:
- • Mark to market gains on our Bond portfolio of €8.5m;
- • An increase in Retirement benefit surplus (net of tax) of €1.3m;
- • Net of:
- • Insurance finance income for insurance and reinsurance contracts issued €0.8m;
- • Income tax credit through Other Comprehensive income of €1.0m;
- • Unclaimed dividends write back of €1.9m; and
- • Share-based payment reserve increase of €2.5m.
Net asset value per ordinary share is 1,308 cent, compared to 1,346 cent per share at 31 December 2024.
Investment Allocation
The Group has a conservative investment strategy to ensure that its insurance contract liabilities are matched by cash and fixed interest securities of similar nature and duration. Cash allocations increased, with the balance including €16m awaiting reinvestment into the corporate bond portfolio. In the period the Group divested €30m from its bond portfolios and €20m from its risk asset portfolio to fund dividends and strengthen liquidity. The average credit quality of the corporate bond portfolio has remained at A- while the allocation to BBB rated bonds remains stable at 36%. The duration of the corporate bond portfolio is unchanged at 3.5 years and the government bond portfolio duration increased to 3.3 years (FY24: 3 years).
The allocation of the Group's investment assets is as follows:
| 30 June 2025 | 31 December 2024 | |||
|---|---|---|---|---|
| €m | % | €m | % | |
| Corporate bonds | 618 | 53 % | 642 | 54% |
| Government bonds | 247 | 21 % | 250 | 21% |
| Deposits and cash | 167 | 15 % | 152 | 13% |
| Risk assets | 118 | 10 % | 133 | 11% |
| Investment property | 11 | 1 % | 11 | 1% |
| 1,161 | 100% | 1,188 | 100% |
Other information 10
Solvency II
The SCR at 30th June 2025 is 202% (unreviewed) which has increased from 197% (audited) at 31 December 2024. The SCR allows for the approved special dividend and share repurchase and remains well in excess of our target risk appetite range of 150% - 170%. The Group is committed to maintaining a strong solvency position.
Capital Return
The Board has approved a special dividend of 75 cent per ordinary share returning a portion of excess capital to shareholders. This is in line with our intention to move closer to target capital levels over time, while preserving the sustainability of our annual ordinary dividend and maintaining a robust capital position for our growing business.
The special dividend approved by the Board on 7 August 2025 will be paid on 17 October 2025 to the holders of shares on the register on 12 September 2025. The dividend is subject to withholding tax ("DWT") except for shareholders who are exempt from DWT and who have furnished a properly completed declaration of exemption to the Company's Registrar from whom further details may be obtained.
The Company intends to deploy up to €4 million of capital to buy back shares in the market over the course of the second half of 2025. Any share repurchases will be within the authorities granted by shareholders. The purpose of any share repurchases will be to offset the dilution from the vesting of awards under the employee share schemes.
Industry Environment
The Action Plan for Insurance Reform 2025 - 2029 was released in July 2025 outlining a number of priority actions across six key themes, Transparency and Affordability, Competitiveness and Availability, Legal Reform, Fraud, Climate Protection and Innovation and Skills. There are a number of actions under each of these themes, and FBD will continue to be supportive of the work of the Government to help deliver progress on these key priorities.
Following the recommendation from the Judicial Council to apply an increase of 16.7% to Personal Injury Guidelines, the resolution to approve the proposed increase was not brought to the Oireachtas. FBD is hopeful that a conclusion will be reached on any increase to the Personal Injury Guidelines in order to continue to provide a fair outcome for claimants while keeping insurance affordable for policyholders.
RISKS AND UNCERTAINTIES
The principal risks and uncertainties faced by the Group are outlined on pages 18 to 27 of the Group's Annual Report for the year ended 31 December 2024 and continue to apply to the six-month period ended 30 June 2025.
On 24th January 2025 Storm Éowyn hit our shores, an unprecedented weather event setting new records for wind speeds at various locations. At June 2025, the majority of claims notified have been fully resolved with the remainder progressing towards finalisation. The Group continues to maintain strong customer service standards.
The "Liberation Day" tariff announcements caused stress to financial markets and while progress on trade deals have helped markets recover, it may take some time for the economic damage already inflicted to manifest itself. It is clear there has been a major shift in the global economic landscape and Ireland as a small open economy is particularly exposed to continued deglobalisation trends. In particular, the intent to rebalance the global taxation landscape in the United States' favour poses risks to corporation tax receipts that are heavily reliant on US multi-nationals. An escalation in these risks may impact on the Group in the form of market, economic and inflation risk.
Higher frequency and severity of weather events faced globally may impact the cost and availability of reinsurance. This could lead to higher than projected reinsurance costs over the strategic period or even reduced cover on programs if capacity is reduced. Regular review of the Group's reinsurers' credit ratings and reinsurer's outstanding balances is in place. All of the Group's reinsurers have a credit rating of A- or better.
The recent indications regarding the Personal Injury Guidelines have the potential to give rise to uncertainty with regard to the timings and values of injury claim payments. Expectations for future injury inflation have been allowed for in the claims reserves. We have retained the same methodologies and assumptions for injury claims as those adopted at year end.
OUTLOOK
The Irish economic outlook remains positive in the short-term despite the uncertainty arising from the shifts in the geopolitical landscape which may have more severe impacts over the medium-term horizon. Both unemployment rates and inflation are expected to remain relatively stable over the nearterm while increasing real incomes should support consumer spending. Current trade policy uncertainty is already hampering business investment and decision making which will impact medium-term growth rates. It is difficult to assess the outlook beyond 2025 given the range of potential outcomes to trade negotiations.
Income from our bond portfolios is projected to continue to increase in the years ahead due to the impact of higher reinvestment yields as bonds mature.
At FBD, we believe that our customer focused strategy continues to deliver for all our stakeholders. Our focus remains on being a digitally enabled, data enriched organisation that delivers an excellent customer and employee experience. The emphasis we place on building and maintaining relationships with our customers is delivering. Today, we are doing more business with our customers than ever before. The FBD of today is a strong, resilient business demonstrated by the sustained growth momentum in our robust franchise and the strength of our capital ratio. We continue to focus on being better tomorrow than we are today. We remain confident in our underlying profitability, solid capital position and future growth potential, as well as our ongoing ability to deliver value for both our customers and shareholders.
Updated guidance: Based on the robust performance year to date in 2025, FBD believes that a Combined Operating Ratio1of low 90s is achievable for the full year 2025.
1 Please see the Alternative Performance Measures on pages 58 to 65 for the definition of Combined Operating Ratio.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FBD BUSINESS INSURANCE CUSTOMER
Kenneth Keavey Green Earth Organics, Co. Galway
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Income Statement (unaudited) I n t e r
For the half year ended 30 June 2025 i m
| F i n a |
Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|---|---|---|---|---|
| n c |
€000s | €000s | €000s | |
| i a |
||||
| l Insurance revenue |
5(a) | 235,093 | 212,597 | 441,005 |
| Insurance service expenses S |
5(c) | (256,988) | (129,124) | (278,452) |
| t a Reinsurance expense |
(16,429) | (17,278) | (34,082) | |
| t Change in amounts recoverable from reinsurers e for incurred claims |
74,639 | (18,256) | (17,371) | |
| m Net income / (expense) from reinsurance e |
||||
| contracts held n t |
5(a) | 58,210 | (35,534) | (51,453) |
| s Insurance service result |
5(a) | 36,315 | 47,939 | 111,100 |
| Total investment return | 6 | 13,142 | 14,971 | 26,087 |
| Finance expense from insurance contracts issued |
4 | (5,251) | (4,019) | (7,459) |
| Finance income from reinsurance contracts held |
4 | 186 | 222 | 1,225 |
| Net insurance finance expenses | (5,065) | (3,797) | (6,234) | |
| Net insurance and investment result | 44,392 | 59,113 | 130,953 | |
| Other finance costs | 5(a) | (1,281) | (1,271) | (2,556) |
| Non-attributable expenses | 5(c) | (19,587) | (18,810) | (37,804) |
| Other provision charges | 13 | (2,980) | (4,378) | (6,695) |
| Revenue from contracts with customers | 5(a) | 1,175 | 1,943 | 3,667 |
| Financial services income and expenses | 5(a) | (4,598) | (4,338) | (10,600) |
| Revaluation of property, plant and equipment | 5(a) | — | — | 100 |
| Profit before taxation | 17,121 | 32,259 | 77,065 | |
| Income taxation charge | 7 | (2,306) | (4,205) | (9,860) |
| Profit for the period | 14,815 | 28,054 | 67,205 | |
| Attributable to: | ||||
| Equity holders of the parent | 14,815 | 28,054 | 67,205 |
Condensed Consolidated Interim Financial Statements
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| Earnings per share | Cent | Cent | Cent | |
| Basic | 8 | 41 | 79 | 186 |
| Diluted1 | 8 | 40 | 77 | 183 |
1 Diluted earnings per share reflects the potential vesting of share-based payments.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Comprehensive Income (unaudited)
For the half year ended 30 June 2025
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Profit for the period | 14,815 | 28,054 | 67,205 | |
| Items that will or may be reclassified to profit or loss in subsequent periods: |
||||
| Movement on investments in debt securities measured at FVOCI |
6 | 7,616 | (4,032) | 18,426 |
| Movement transferred to the Consolidated Income Statement on disposal during the |
||||
| period Finance (expense)/income from insurance contracts issued |
6 4 |
799 (1,346) |
99 229 |
605 (6,197) |
| Finance income from reinsurance contracts held |
4 | 538 | 390 | 927 |
| Income tax relating to these items | (951) | 414 | (1,720) | |
| Items that will not be reclassified to profit or loss: |
||||
| Re-measurements of post-employment benefit obligations, before tax |
1,471 | 156 | (699) | |
| Revaluation of owner-occupied property | — | — | 5 | |
| Income tax relating to these items | (184) | (20) | 86 | |
| Other comprehensive income/(expense) after taxation |
7,943 | (2,764) | 11,433 | |
| Total comprehensive income for the period | 22,758 | 25,290 | 78,638 | |
| Attributable to: | ||||
| Equity holders of the parent | 22,758 | 25,290 | 78,638 |
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Financial Position (unaudited)
At 30 June 2025
| Assets | Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Cash and cash equivalents | 9 | 167,251 | 131,338 | 152,320 |
| Equity and debt instruments at fair value through profit or loss |
9 | 118,266 | 148,755 | 132,767 |
| Debt instruments at fair value through other comprehensive income |
9 | 864,828 | 856,853 | 891,956 |
| Deposits | 9 | — | 2,949 | — |
| Investment assets | 983,094 | 1,008,557 | 1,024,723 | |
| Other receivables | 9 | 27,790 | 25,510 | 22,631 |
| Loans | 9 | 372 | 394 | 386 |
| Reinsurance contract assets | 12 | 131,345 | 78,831 | 75,096 |
| Retirement benefit surplus | 15 | 7,864 | 7,200 | 6,393 |
| Intangible assets | 39,059 | 32,879 | 36,789 | |
| Policy administration system | 7,158 | 14,340 | 10,750 | |
| Investment property | 9 | 11,300 | 11,954 | 11,300 |
| Right of use assets | 2,871 | 3,178 | 2,741 | |
| Property, plant and equipment | 23,136 | 21,706 | 23,139 | |
| Current taxation asset | 3,401 | 1,757 | — | |
| Deferred taxation asset | — | 888 | — | |
| Total assets | 1,404,641 | 1,338,532 | 1,366,268 |
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Financial Position (unaudited) (continued)
At 30 June 2025
| Liabilities and equity | Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Liabilities | ||||
| Current taxation liabilities | — | — | 1,429 | |
| Other payables | 9 | 44,599 | 38,002 | 43,066 |
| Other provisions | 13 | 12,208 | 17,433 | 14,398 |
| Reinsurance contract liabilities | 12 | 591 | 1,099 | 73 |
| Insurance contract liabilities | 12 | 815,818 | 761,747 | 767,779 |
| Lease liabilities | 9 | 3,139 | 3,495 | 3,056 |
| Subordinated debt | 9 | 49,808 | 49,749 | 49,780 |
| Deferred taxation liabilities | 1,695 | — | 560 | |
| Total liabilities | 927,858 | 871,525 | 880,141 | |
| Equity | ||||
| Called up share capital presented as equity | 10 | 21,963 | 21,768 | 21,768 |
| Capital reserves | 30,931 | 38,261 | 27,932 | |
| Retained earnings | 426,069 | 430,759 | 445,263 | |
| Other reserves | 11 | (5,103) | (26,704) | (11,759) |
| Shareholders' funds equity interests | 473,860 | 464,084 | 483,204 | |
| Preference share capital | 2,923 | 2,923 | 2,923 | |
| Total equity | 476,783 | 467,007 | 486,127 | |
| Total liabilities and equity | 1,404,641 | 1,338,532 | 1,366,268 |
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Cash Flows (unaudited)
For the half year ended 30 June 2025
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Cash flows from operating activities | |||
| Profit before taxation | 17,121 | 32,259 | 77,065 |
| Adjustments for: | |||
| Movement on investments classified as fair value | (4,600) | (6,767) | (10,125) |
| Interest and dividend income | (9,240) | (8,964) | (18,023) |
| Depreciation/amortisation of property, plant and equipment, intangible assets and policy administration system |
7,849 | 7,595 | 15,287 |
| Depreciation on right of use assets | 333 | 325 | 762 |
| Fair value movement on investment property | — | — | 600 |
| Revaluation of property, plant and equipment | — | — | (100) |
| Other non-cash adjustments | 2,437 | 1,868 | 3,520 |
| Operating cash flows before movement in working capital | 13,900 | 26,316 | 68,986 |
| Movement on insurance and reinsurance contract liabilities/ assets |
(8,500) | 6,753 | 9,605 |
| Movement on other provisions | (2,192) | (2,650) | (5,685) |
| Movement on other receivables | (7,607) | (10,325) | (6,489) |
| Movement on other payables | 8,124 | 3,312 | 9,625 |
| Cash generated from operations | 3,725 | 23,406 | 76,042 |
| Interest and dividend income received | 8,408 | 11,012 | 19,230 |
| Income taxes paid | (7,136) | (8,076) | (11,142) |
| Net cash generated from operating activities | 4,997 | 26,342 | 84,130 |
| Cash flows from investing activities Purchase of investments classified as fair value through profit or |
|||
| loss | (20,009) | (9,314) | (12,071) |
| Sale of investments classified as fair value through profit or loss | 39,762 | 29,063 | 52,070 |
| Purchase of investments classified as FVOCI | (111,884) | (57,047) | (126,185) |
| Sale of investments classified as FVOCI | 146,774 | 51,691 | 107,791 |
| Purchase of property, plant and equipment | (1,109) | (2,162) | (4,606) |
| Sale of investment property | — | — | 53 |
| Purchase of intangible assets | (5,415) | (7,877) | (14,772) |
| Maturities of deposits invested with banks | — | — | 2,885 |
| Net cash generated from investing activities | 48,119 | 4,354 | 5,165 |
| Cash flows from financing activities | |||
| Ordinary and preference dividends paid | (36,505) | (36,184) | (72,080) |
| Purchase and cancellation of own shares | — | (4,000) | (4,000) |
| Interest payment on subordinated debt | (1,250) | (1,250) | (2,500) |
Condensed Consolidated Interim Financial Statements
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Principal elements of lease payments | (406) | (397) | (924) |
| Net cash used in financing activities | (38,161) | (41,831) | (79,504) |
| Net Increase/(decrease) in cash and cash equivalents | 14,955 | (11,135) | 9,791 |
| Cash and cash equivalents at the beginning of the period | 152,320 | 142,399 | 142,399 |
| Effect of exchange rate changes on cash and cash | |||
| equivalents | (24) | 74 | 130 |
| Cash and cash equivalents at the end of the period | 167,251 | 131,338 | 152,320 |
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Statement of Changes in Equity (unaudited)
For the half year ended 30 June 2025
| Call up share capital presented as equity |
Capital reserve |
Retained earnings |
Other reserves |
Attributable to ordinary shareholders |
Preference share capital |
Total equity | |
|---|---|---|---|---|---|---|---|
| €000s | €000s | €000s | €000s | €000s | €000s | €000s | |
| Balance at 1 January 2025 | 21,768 | 27,932 | 445,263 | (11,759) | 483,204 | 2,923 | 486,127 |
| Profit after taxation | — | — | 14,815 | — | 14,815 | — | 14,815 |
| Other comprehensive (expense)/income for the period | — | — | 1,287 | 6,656 | 7,943 | — | 7,943 |
| Total comprehensive income for the period | — | — | 16,102 | 6,656 | 22,758 | — | 22,758 |
| Dividends paid and approved on ordinary and preference shares | — | — | (36,505) | — | (36,505) | — | (36,505) |
| Unclaimed dividends write back | — | — | 1,912 | — | 1,912 | — | 1,912 |
| Issue of ordinary shares1 | 195 | 508 | (703) | — | — | — | — |
| Recognition of share-based payments | — | 2,491 | — | — | 2,491 | — | 2,491 |
| Balance at 30 June 2025 | 21,963 | 30,931 | 426,069 | (5,103) | 473,860 | 2,923 | 476,783 |
| Balance at 1 January 2024 | 21,744 | 34,479 | 444,617 | (23,804) | 477,036 | 2,923 | 479,959 |
| Profit after taxation | — | — | 28,054 | — | 28,054 | — | 28,054 |
| Other comprehensive (expense)/income for the period | — | — | 136 | (2,900) | (2,764) | — | (2,764) |
| Total comprehensive income for the period | — | — | 28,190 | (2,900) | 25,290 | — | 25,290 |
| Dividends paid and approved on ordinary and preference shares | — | — | (36,184) | — | (36,184) | — | (36,184) |
| Purchase of own shares | — | (4,000) | — | — | (4,000) | — | (4,000) |
| Cancellation of own shares | (190) | 4,190 | (4,000) | — | — | — | — |
| Issue of ordinary shares1 | 214 | 1,650 | (1,864) | — | — | — | — |
| Recognition of share-based payments | — | 1,942 | — | — | 1,942 | — | 1,942 |
| Balance at 30 June 2024 | 21,768 | 38,261 | 430,759 | (26,704) | 464,084 | 2,923 | 467,007 |
1 Issue of ordinary shares relates to new ordinary shares allotted to employees of FBD Holdings plc as part of the performance share awards scheme in 2021 and 2022. In 2025, a total of 325,120 ordinary shares were issued at a nominal value of €0.60 each for 2022 award. The adjustment to ordinary share capital was €195,000. The movement on the capital reserves of €508,000 relates to the share premium reserve movement of €3,999,000 net of share-based payments reserve movement of €3,491,000. The adjustment to retained earnings was €703,000.
In 2024, a total of 356,417 ordinary shares were issued at a nominal value of €0.60 each for 2021 award. The adjustment to ordinary share capital was €214,000. The movement on the capital reserves of €1,650,000 relates to the share premium reserve movement of €4,526,000 net of share-based payments reserve movement of €2,876,000. The adjustment to retained earnings was €1,864,000.
For the half year ended 30 June 2025
Note 1 Statutory information
The half yearly financial information is considered non-statutory financial statements for the purposes of the Companies Act 2014 and in compliance with section 340(4) of that Act we state that:
- •the financial information for the half year to 30 June 2025 does not constitute the statutory financial statements of the Company;
- •the statutory financial statements for the financial year ended 31 December 2024 have been annexed to the annual return and delivered to the Registrar;
- •the statutory auditors of the Company have made a report under section 391 Companies Act 2014 in respect of the statutory financial statements for year ended 31 December 2024; and
- •the matters referred to in the statutory auditors' report were unqualified, and did not include a reference to any matters to which the statutory auditors drew attention by way of emphasis without qualifying the report.
PricewaterhouseCoopers, Chartered Accountants and Statutory Audit Firm, have performed an interim review in accordance with International Standard on Review Engagements (Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' ("ISRE (Ireland) 2410") issued for use in Ireland' on the interim financial information for the period ended 30 June 2025.
Note 2 Going concern
The Directors have, at the time of approving the interim financial statements, a reasonable expectation that the Company and the Group has adequate resources to continue in operational existence for the foreseeable future being a period of not less than 12 months from the date of this report.
In making this assessment the Directors considered up to date solvency, liquidity and profitability projections for the Group. The basis of this assessment was the latest quarterly forecast for 2025 and projections for 2026 which reflect the latest assumptions used by the business. The economic environment may impact on premiums including exposures, new business and retention levels. Expense assumptions can change depending on the level of premiums as discretionary spend and resources are adjusted and inflationary pressures are taken into account.
A number of scenario projections were run as part of the Own Risk Solvency Assessment (ORSA) process, including a number of more extreme stress events, and in all scenarios the Group's capital ratio remained in excess of the Solvency Capital Requirement and in compliance with liquidity policies.
The Directors considered the liquidity requirements of the business to ensure it is projected to have cash resources available to pay claims and other expenditures as they fall due. The business is expected to have adequate cash resources available to support business requirements. In addition, the Group has a highly liquid investment portfolio with over 75% of the portfolio invested in investment grade corporate and sovereign bonds with an average credit rating of A.
On the basis of the projections for the Group, the Directors are satisfied that there are no material uncertainties which cast significant doubt on the ability of the Group or Company to continue as a going concern over the period of assessment being not less than 12 months from the date of this report. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Note 3 Summary of material accounting policies
Basis of preparation
The annual financial statements of FBD Holdings plc are prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the European Union.
Consistency of accounting policies
FBD Holdings Plc has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2024 annual financial statements, except for the following amendments which apply for the first time in 2025.
The Group has considered the following new standards, amendments, and interpretations effective from 1 January 2025:
•Lack of exchangeability (Amendments to IAS 21).
The adoption of these new and amended standards did not have a material impact on the Group's accounting policies, financial position, or performance. Consequently, the Group has not made any significant changes to its accounting policies or disclosures.
In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The key judgements and the key sources of estimation uncertainty that have the most significant effect on the amounts recognised in the interim financial statements are detailed below. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis and actual results may differ from these estimates.
Estimates of future cash flows to fulfil insurance/reinsurance contracts
The Group estimates insurance liabilities in relation to claims incurred. In estimating future cash flows, the Group incorporate, in an unbiased way, all reasonable and supportable information that is available without undue cost or effort at the reporting date. This information includes both internal information and external historical data about claims and other experience, updated to reflect current expectations of future events.
Uncertainty in the estimation of future claims and benefit payments arises primarily from the severity and frequency of claims and uncertainties regarding final claim settlement amounts leading to claims and claims-handling expenses growth. This is particularly the case for long tail classes of insurance. As a result of the uncertainties noted, the Group holds a risk adjustment for non-financial risk in the insurance contracts liabilities to reflect the uncertainty relating to all non-financial risks.
Assumptions used to develop estimates about future cash flows are reassessed at each reporting date and adjusted where required.
Methods used to measure the LIC
The Group estimates insurance liabilities and reinsurance assets in relation to claims incurred on a risk basis. Estimates are performed on an accident year basis with further allocation to annual cohorts of portfolios based on available data. Judgement is involved in assessing the most appropriate technique to estimate insurance liabilities for the claims incurred. In certain instances, different techniques or a combination of techniques have been selected for individual accident years or groups of accident years within the same type of contracts.
The ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques, such as, but not limited to, Chain Ladder, Bornheutter-Ferguson, Initial Expected Loss Ratio and frequency-severity methods.
The liabilities for incurred claims represent the cost of claims outstanding. Actuarial techniques, based on statistical analysis of past experience, are used to calculate the estimated cost of claims outstanding at the period end.
Note 3 Summary of material accounting policies (continued)
The estimation of outstanding claims also includes factors such as the potential for inflation and the potential impact of the Personal Injuries Guidelines. Provisions for more recent claims make use of techniques that incorporate expected loss ratios and average claims costs (adjusted for inflation) and frequency methods. The average claims cost and frequency methods are particularly relevant when calculating the ultimate cost of the current accident year. We have retained the same methodologies and assumptions for injury claims as those adopted at year end.
The calculation of reserves is particularly sensitive to the actuarial best estimate of the ultimate cost of claims, in particular for the long tail classes of business. Actual claims experience may differ from the assumptions on which the actuarial best estimate is based and the cost of settling individual claims may exceed that assumed.
The actual amount recovered from reinsurers is sensitive to the same uncertainties as the underlying claims. To the extent that the underlying claim settles at a lower or higher amount than that assumed this will have an influence on the associated reinsurance asset.
To minimise default exposure, the group's policy is that all reinsurers should have a credit rating of Aor better or have provided alternative satisfactory security.
Discount rates
The Group is required to discount future cash flows related to incurred claims as the weighted time to settlement is greater than one year from the date claim occurred.
The Group determines the discount rate using a bottom-up approach. Under this approach, the discount rate is determined as the risk-free yield curve adjusted for differences in liquidity characteristics between the financial assets used to derive the risk-free yield and the relevant liability cash flows (known as an illiquidity premium).
The Group uses the Euro denominated EIOPA prescribed rates under Solvency II as the risk-free yield. The EIOPA EUR spot rates are derived from market observable EUR swap rates for durations one to twenty years.
The illiquidity premium is determined by reference to observable market rates. The reference asset portfolio for the company's liabilities is the sovereign and corporate bond portfolio. The liquidity profile of the reference asset portfolio is similar to the liquidity profile of the liabilities. The Group's approach to determining the illiquidity premium in the bond portfolio is to determine the yield reference asset portfolio and deduct the equivalent risk-free rate after adjusting for credit risk.
| Currency | 1 year | 3 years | 5 years | 10 years | 15 years | 20 years | |
|---|---|---|---|---|---|---|---|
| 30 June 2024 | EUR | 3.4 % | 2.9 % | 2.8 % | 2.7 % | 2.8 % | 2.7 % |
| 31 Dec 2024 | EUR | 2.5 % | 2.4 % | 2.4 % | 2.6 % | 2.6 % | 2.5 % |
| 30 June 2025 | EUR | 2.2 % | 2.3 % | 2.5 % | 2.8 % | 3.0 % | 3.0 % |
The yield curves used to discount the estimates of future cash flows are as follows:
Methods used to measure the risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation that is required for bearing the uncertainty about the amount and timing of cash flows that arises from non-financial risk as the insurance contract is fulfilled. As the risk adjustment represents compensation for uncertainty, estimates are made on the degree of diversification benefits and expected favourable and unfavourable outcomes in a way that reflects the Group's degree of risk aversion. The Group estimates an adjustment for non-financial risk separately from all other estimates. Diversification benefits were considered to account for the low probability of all unfavourable outcomes occurring at the same time and the correlation (or lack thereof) of some possible outcomes.
The risk adjustment is calculated at the entity level and then allocated down to each group of contracts in accordance with their risk profiles. Allocations of the risk adjustment to each underwriting year (annual cohort) of contracts and over portfolios are made based on a systematic approach using management judgement. This typically involves allocating a higher proportion of risk adjustment to longer tailed lines and more recent underwriting years that are less developed and therefore more
Note 3 Summary of material accounting policies (continued)
uncertain, compared to the proportion of risk adjustment allocated to older, more developed years. A confidence level approach is used to derive the overall risk adjustment for non-financial risk. The Group aim to target a risk adjustment within a range between the 75th and 80th percentiles. At half-year 2025, the risk adjustment for non-financial risk was at the 80th percentile and was unchanged from year-end 2024.
As the Group is using the PAA method, a risk adjustment for non-financial risk is only required for the LIC and not the LRC (unless there is an onerous group).
To determine the risk adjustment for non-financial risk for reinsurance contracts, the Group will apply these techniques both gross and net of reinsurance and derive the amount of risk transferred to the reinsurer as the difference between the two results. The methods used to determine the risk adjustment at half-year 2025 for non-financial risk were unchanged from year-end 2024.
Uncertainties in impairment testing
At the reporting date, there were no indications of impairment for the Group. The Group has carried out impairment testing on tangible and intangible assets. The recoverable amount of an asset is the higher of its value in use or its fair value less costs to sell. In the case of the Property, Plant and Equipment (excluding Owner Occupied Property which is held at revalued amount), Policy administration system, Intangible Assets and Right of Use Assets there is no reliable estimate of the price at which an orderly transaction to sell the assets would take place and there are no direct cashflows expected from the individual assets. These assets are an integral part of the FBD General Insurance business, therefore, the smallest group of assets that can be classified as a cash generating unit is the FBD General Insurance business.
The Value in Use cash flow projections are based on the latest quarterly forecast for 2025 and the five-year strategic projections approved by the Board in quarter four 2024. The 2030 and 2031 figures are extrapolated assuming the performance in 2030 and 2031 are in line with 2029. The time period of six years used in the cash flow projections is less than the weighted average remaining useful life of the assets in the FBD General Insurance business being assessed. This projection and plan refresh represent management's best estimate of future underwriting profits and fee income for FBD.
The underlying assumptions of these forecasts include average premium, number of policies written, claims frequency, claims severity, weather experience, commission rates, fee income charges and expenses. The average growth rate used for 2025 is 6%, followed by an average of 4% growth rate each year from 2026 to 2029. The growth rate is assumed to be flat for later years. Future cash flows are discounted using an estimated weighted average cost of capital (WACC) of 8.1% which is considered a reasonable estimate following the recent increase in risk free rates.
Sensitivity analysis was performed on the projections to allow for possible variations in the amount of the future cash flows and potential discount rate changes. The sensitivities include climate change scenarios, additional inflation in claims settlements, reduced growth rates and positive impacts of new initiatives.
For all scenarios run, the value in use of the cash generating unit exceeded the carrying value of the assets, demonstrating that no reasonably possible change in key assumptions would result in an impairment of the assets. The largest reduction in the level of headroom was from a climate change scenario.
Note 4 Finance income / (expense) recognised in comprehensive income
The Group disaggregates finance income or expense on insurance contracts issued and reinsurance contracts held between income statement and OCI. The impact of changes in market interest rates on the value of the insurance liabilities are reflected in OCI in order to minimise accounting mismatches between the accounting for financial assets and insurance assets and liabilities.
The Group adopts a conservative investment strategy to ensure that its technical provisions are matched by cash and fixed interest securities of low risk and similar duration. All of the Group's fixed interest securities are classified as FVOCI whereby accumulated mark to market gains or losses are reclassified to the profit and loss account on liquidation.
Note 4 Finance income / (expense) recognised in comprehensive income (continued)
The tables below detail:
- •the element of interest accretion on the LIC from the prior reporting period; and
- •the effect of changes in interest rates and other financial assumptions during the period on the finance income/(expense) recognised in comprehensive income.
Total investment return during the period is detailed in note 6 including the corresponding mark to market gains or losses on FVOCI recognised.
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
||||
|---|---|---|---|---|---|---|
| €000s | €000s | €000s | ||||
| Finance (expense) / income from insurance contracts issued recognised in comprehensive income: | ||||||
| Interest accreted | (3,389) | (4,800) | (15,018) | |||
| Effect of changes in interest rates and other financial assumptions during the period |
(3,208) | 1,010 | 1,362 | |||
| Total | (6,597) | (3,790) | (13,656) | |||
| Represented by: | ||||||
| Amounts recognised in profit or loss | (5,251) | (4,019) | (7,459) | |||
| Amounts recognised in OCI | (1,346) | 229 | (6,197) |
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|||||
|---|---|---|---|---|---|---|---|
| €000s | €000s | €000s | |||||
| Finance income /(expense) from reinsurance contracts held recognised in comprehensive income: | |||||||
| Interest accreted | 455 | 826 | 2,429 | ||||
| Effect of changes in interest rates and other financial | |||||||
| assumptions during the period | 269 | (214) | (277) | ||||
| Total | 724 | 612 | 2,152 | ||||
| Represented by: | |||||||
| Amounts recognised in profit or loss | 186 | 222 | 1,225 | ||||
| Amounts recognised in OCI | 538 | 390 | 927 |
Note 5 Segmental information
(a) Operating segments
Basis of Organisation
The Group determines its reportable segments based on the internal reports regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources and assess performance. The Group has identified its operating segments by considering the nature of its business activities, the way it manages these activities and the financial information available for decision-making.
In the front part of the Half Yearly Report, the Group provides a discussion of performance across various sectors (Farmer, Business and Retail) as part of its narrative reporting. This analysis is based solely on a sales view of gross written premium (GWP) and is intended to provide insight into the Group's business activities and market dynamics.
However, in accordance with IFRS 8, these sectors do not qualify as operating segments. The determination of operating segments is based on the internal reports reviewed by the CODM for resource allocation and performance assessment. The CODM reviews and manages the Group's underwriting activities as a single portfolio under the General insurance segment. No discrete financial information is prepared, or no resource allocation is performed at the sector level.
This approach ensures that the disclosed operating segments reflect the manner in which the business is managed internally.
The Group is organised around two primary business activities:
- General insurance: This includes all underwriting activities for motor and non-motor products.
- Other services: Comprises all non-underwriting activities, including administrative functions and financial services.
These segments reflect the way management internally reviews performance and allocates resources.
Factors Used to Identify Reportable Segments
• Nature of Products and Services
The General insurance segment encompasses underwriting operations for motor and non-motor insurance portfolios, while the Other services segment relates to non-insurance activities, such as administrative costs and financial services and are presented as All other segments as these business units do not meet the quantitative thresholds as per IFRS 8 - Operating segments.
• Review by the CODM
The CODM, identified as the Executive Management Team (EMT), reviews financial and operational data for the General insurance and Other services segments. Although GWP are reviewed by sector and product internally, resource allocation decisions are made for the underwriting and nonunderwriting businesses activities as a whole.
• Availability of Discrete Financial Information
Discrete financial information is available at the level of General insurance (underwriting) and Other services (non-underwriting). This includes detailed financial results, such as revenue, expenses, and profitability metrics.
27
Note 5 Segmental information (continued)
The following is an analysis of the Group's revenue and results from continuing operations by reportable segments:
| Half year ended 30/06/2025 | General insurance |
All other segments |
Total |
|---|---|---|---|
| €000s | €000s | €000s | |
| Insurance revenue | 235,093 | — | 235,093 |
| Insurance service expenses | (256,988) | — | (256,988) |
| Net income from reinsurance contracts held | 58,210 | — | 58,210 |
| Insurance service result | 36,315 | — | 36,315 |
| Total investment return | 12,941 | 201 | 13,142 |
| Net insurance finance expenses | (5,065) | — | (5,065) |
| Net insurance and investment result | 44,191 | 201 | 44,392 |
| Other finance costs | (1,281) | — | (1,281) |
| Non-attributable expenses | (19,587) | — | (19,587) |
| Other provision charges | (2,980) | — | (2,980) |
| Revenue from contracts with customers | — | 1,175 | 1,175 |
| Financial services income and expenses | (136) | (4,462) | (4,598) |
| Revaluation of property, plant and equipment | — | — | — |
| Profit/(loss) before taxation | 20,207 | (3,086) | 17,121 |
| Income taxation (charge)/credit | (2,526) | 220 | (2,306) |
| Profit/(loss) for the period | 17,681 | (2,866) | 14,815 |
| Other information | |||
| Insurance acquisition expenses | (45,403) | — | (45,403) |
| Depreciation/amortisation | (8,182) | — | (8,182) |
| Impairment of other assets | — | — | — |
| Capital additions | 6,524 | — | 6,524 |
| Statement of financial position | |||
| Segment assets | 1,363,406 | 41,235 | 1,404,641 |
| Segment liabilities | (915,719) | (12,139) | (927,858) |
Note 5 Segmental information (continued)
(a) Operating segments (continued)
| Half year ended 30/06/2024 | General insurance |
All Other Segments |
Total |
|---|---|---|---|
| €000s | €000s | €000s | |
| Insurance revenue | 212,597 | — | 212,597 |
| Insurance service expenses | (129,124) | — | (129,124) |
| Net expense from reinsurance contracts held | (35,534) | — | (35,534) |
| Insurance service result | 47,939 | — | 47,939 |
| Total investment return | 14,718 | 253 | 14,971 |
| Net insurance finance expenses | (3,797) | — | (3,797) |
| Net insurance and investment result | 58,860 | 253 | 59,113 |
| Other finance costs | (1,271) | — | (1,271) |
| Non-attributable expenses | (18,810) | — | (18,810) |
| Other provision charges | (2,878) | (1,500) | (4,378) |
| Revenue from contracts with customers | — | 1,943 | 1,943 |
| Financial services income and expenses | 202 | (4,540) | (4,338) |
| Revaluation of property, plant and equipment | — | — | — |
| Profit/(loss) before taxation | 36,103 | (3,844) | 32,259 |
| Income taxation (charge)/credit | (4,513) | 308 | (4,205) |
| Profit/(loss) for the period | 31,590 | (3,536) | 28,054 |
| Other information | |||
| Insurance acquisition expenses | (40,146) | — | (40,146) |
| Depreciation/amortisation | (7,920) | — | (7,920) |
| Impairment of other assets | — | — | — |
| Capital additions | 10,039 | — | 10,039 |
| Statement of financial position | |||
| Segment assets | 1,304,277 | 34,254 | 1,338,531 |
| Segment liabilities | (857,880) | (13,645) | (871,525) |
Note 5 Segmental information (continued)
(a) Operating segments (continued)
| Year ended 31/12/2024 | General insurance |
All Other Segments |
Total |
|---|---|---|---|
| €000s | €000s | €000s | |
| Insurance revenue | 441,005 | — | 441,005 |
| Insurance service expenses | (278,452) | — | (278,452) |
| Net expense from reinsurance contracts held | (51,453) | — | (51,453) |
| Insurance service result | 111,100 | — | 111,100 |
| Total investment return | 25,554 | 533 | 26,087 |
| Net insurance finance expenses | (6,234) | — | (6,234) |
| Net insurance and investment result | 130,420 | 533 | 130,953 |
| Other finance costs | (2,556) | — | (2,556) |
| Non-attributable expenses | (37,804) | — | (37,804) |
| Other provision charges | (6,695) | — | (6,695) |
| Revenue from contracts with customers | — | 3,667 | 3,667 |
| Financial services income and expenses | 475 | (11,075) | (10,600) |
| Revaluation of property, plant and equipment | 100 | — | 100 |
| Profit/(loss) before taxation | 83,940 | (6,875) | 77,065 |
| Income taxation (charge)/credit | (10,433) | 573 | (9,860) |
| Profit/(loss) for the period | 73,507 | (6,302) | 67,205 |
| Other information | |||
| Insurance acquisition expenses | (84,633) | — | (84,633) |
| Depreciation/amortisation | (16,049) | — | (16,079) |
| Impairment of other assets | (500) | — | (500) |
| Capital additions | 7,041 | 788 | 7,829 |
| Statement of financial position | |||
| Segment assets | 1,333,453 | 32,815 | 1,366,268 |
| Segment liabilities | (870,209) | (9,932) | (880,141) |
The Group's reportable segment derives revenue from various products and services, offering insurance cover for Motor, Employers' and Public Liability, and Property.
The Group's customer base is diverse, and it has no reliance on any major customer. Insurance risk is not concentrated on any area or on any one line of business.
The accounting policies of the reportable segments are the same as the Group accounting policies. Segment profit represents the profit earned by each segment. Central administration costs and Directors' salaries are allocated based on actual activity.
Income taxation is a direct cost of each segment.
In monitoring segment performance and allocating resources between segments:
- (a) All assets are allocated to reportable segments. Assets used jointly by reportable segments are allocated on the basis of activity by each reportable segment; and
- (b) All liabilities are allocated to reportable segments. Liabilities for which reportable segments are jointly liable are allocated in proportion to segment assets.
Note 5 Segmental information (continued)
(b) Geographical segments
The Group's operations are located in Ireland.
(c) Insurance service expenses
Insurance service expenses, in the General Insurance segment, comprise the following:
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Incurred claims and other expenses | (229,517) | (133,378) | (266,747) |
| Changes that relate to past service - changes in Fulfilment Cash Flows (FCF) relating to the LIC |
17,932 | 44,400 | 72,928 |
| Amortisation of insurance acquisition cash flows | (45,403) | (40,146) | (84,633) |
| Total | (256,988) | (129,124) | (278,452) |
Total insurance acquisition and non-attributable expenses, in the General Insurance segment, comprise the following:
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Amortisation of insurance acquisition cash flows | (45,403) | (40,146) | (84,633) |
| Non-attributable expenses | (19,587) | (18,810) | (37,804) |
| Total expenses | (64,990) | (58,956) | (122,437) |
The tables below provide further details of the expenses of the General Insurance segment:
| Half year ended 30/06/25 | Amortisation of insurance acquisition cash flows |
Non attributable |
Total |
|---|---|---|---|
| €000s | €000s | €000s | |
| Employee benefit expense | 21,771 | 10,824 | 32,595 |
| Depreciation | 939 | 507 | 1,446 |
| Amortisation | 6,000 | 736 | 6,736 |
| Other | 16,693 | 7,520 | 24,213 |
| Total | 45,403 | 19,587 | 64,990 |
Note 5 Segmental information (continued)
| Half year ended 30/06/24 | Amortisation of insurance acquisition cash flows |
Non attributable |
Total |
|---|---|---|---|
| €000s | €000s | €000s | |
| Employee benefit expense | 19,645 | 9,816 | 29,461 |
| Depreciation | 382 | 1,209 | 1,591 |
| Amortisation | 5,533 | 796 | 6,329 |
| Other | 14,586 | 6,989 | 21,575 |
| Total | 40,146 | 18,810 | 58,956 |
| Year ended 31/12/24 | Amortisation of insurance acquisition cash flows |
Total | |
|---|---|---|---|
| €000s | €000s | €000s | |
| Employee benefit expense | 42,337 | 21,058 | 63,395 |
| Depreciation | 1,373 | 1,782 | 3,155 |
| Amortisation | 12,060 | 834 | 12,894 |
| Other | 28,863 | 14,130 | 42,993 |
| Total | 84,633 | 37,804 | 122,437 |
Note 6 Net investment return
The net gain or loss for each class of financial instrument and investment properties by measurement category is as follows:
| Amortised Cost |
FVOCI | FVTPL | FVTPL | Total | |
|---|---|---|---|---|---|
| Half year ended 30/06/2025 |
Designated | Designated | Mandatory | ||
| €000s | €000s | €000s | €000s | €000s | |
| Interest income from financial assets |
|||||
| Cash and cash equivalents | 601 | — | — | 1,065 | 1,666 |
| Government bonds | — | 895 | — | — | 895 |
| Other debt securities | — | 6,206 | — | — | 6,206 |
| 601 | 7,101 | — | 1,065 | 8,767 | |
| Net gain on FVTPL investments |
|||||
| Collective investment scheme |
— | — | — | 5,215 | 5,215 |
| Unquoted investments | — | — | — | 12 | 12 |
| — | — | — | 5,227 | 5,227 | |
| Other | |||||
| Income, net of expenses, from investment properties |
— | — | — | 23 | 23 |
| Unrealised profit on investment properties |
— | — | — | — | — |
| Net credit impairment loss | — | (76) | — | — | (76) |
| Net gain on FVOCI debt securities |
— | 7,616 | — | — | 7,616 |
| — | 7,540 | — | 23 | 7,563 | |
| Recognised in income statement |
601 | 6,226 | — | 6,315 | 13,142 |
| Recognised in OCI | — | 8,415 | — | — | 8,415 |
| Recognised in total comprehensive income |
601 | 14,641 | — | 6,315 | 21,557 |
During the period to 30 June 2025 a loss of €799,000 on FVOCI investments was reclassified from Other Comprehensive Income to the Consolidated Income Statement.
Note 6 Total investment return (continued)
| Amortised Cost |
FVOCI | FVTPL | FVTPL | Total | |
|---|---|---|---|---|---|
| Half year ended 30/06/2024 |
Designated | Designated | Mandatory | ||
| €000s | €000s | €000s | €000s | €000s | |
| Interest income from financial assets |
|||||
| Cash and cash equivalents | 1,003 | — | — | 1,452 | 2,455 |
| Government bonds | — | 964 | — | — | 964 |
| Other debt securities | — | 4,274 | — | — | 4,274 |
| 1,003 | 5,238 | — | 1,452 | 7,693 | |
| Net gain on FVTPL investments |
|||||
| Collective investment scheme |
— | — | — | 7,470 | 7,470 |
| Unquoted investments | — | — | — | — | — |
| — | — | — | 7,470 | 7,470 | |
| Other | |||||
| Expenses, net of income from investment properties |
— | — | — | (86) | (86) |
| Unrealised gain on investment properties |
— | — | — | 1 | 1 |
| Net credit impairment loss | — | (8) | — | — | (8) |
| Net loss on FVOCI debt securities |
— | (4,032) | — | — | (4,032) |
| — | (4,040) | — | (85) | (4,125) | |
| Recognised in income statement |
1,003 | 5,131 | — | 8,837 | 14,971 |
| Recognised in OCI | — | (3,933) | — | — | (3,933) |
| Recognised in total comprehensive income |
1,003 | 1,198 | — | 8,837 | 11,038 |
During the period to 30 June 2024 a loss of €99,000 on FVOCI investments was reclassified from Other Comprehensive Income to the Consolidated Income Statement.
| FBD Holdings PLC | Overview | Interim Financial |
|---|---|---|
| Half Yearly Report 2025 | Statements |
Note 6 Total investment return (continued)
| Amortised | FVOCI | FVTPL | FVTPL | Total | |
|---|---|---|---|---|---|
| Cost | |||||
| Year ended 31/12/2024 | Designated | Designated | Mandatory | ||
| €000s | €000s | €000s | €000s | €000s | |
| Interest income from financial assets |
|||||
| Cash and cash equivalents | 1,918 | — | — | 2,599 | 4,517 |
| Government bonds | — | 1,347 | — | — | 1,347 |
| Other debt securities | — | 9,769 | — | — | 9,769 |
| 1,918 | 11,116 | — | 2,599 | 15,633 | |
| Net gain on FVTPL investments |
|||||
| Collective investment scheme |
— | — | — | 11,744 | 11,744 |
| Unquoted investments | — | — | — | 32 | 32 |
| — | — | — | 11,776 | 11,776 | |
| Other | |||||
| Expenses, net of income, from investment properties |
— | — | — | (58) | (58) |
| Unrealised loss on investment properties |
— | — | — | (600) | (600) |
| Net credit impairment loss | — | (59) | — | — | (59) |
| Net gain on FVOCI debt securities |
— | 18,426 | — | — | 18,426 |
| — | 18,367 | — | (658) | 17,709 | |
| Recognised in income statement |
1,918 | 10,452 | — | 13,717 | 26,087 |
| Recognised in OCI | — | 19,031 | — | — | 19,031 |
| Recognised in total comprehensive income |
1,918 | 29,483 | — | 13,717 | 45,118 |
During the year to 31 December 2024 a loss of €605,000 on FVOCI investments was reclassified from Other Comprehensive Income to the Consolidated Income Statement.
Note 7 Income taxation charge
The effective tax rate for the period was 13.5% (30 June 2024: 13.0%) which is the best estimate of the weighted average annual income tax rate expected for the full year. The effective tax rate for the period was slightly higher than the standard Irish corporation tax rate of 12.5% primarily due to a prior year adjustment in the period.
Note 8 Earnings per €0.60 ordinary share
The calculation of the basic and diluted earnings per share attributable to the ordinary shareholders is based on the following data:
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Earnings | |||
| Profit for the period for the purpose of basic earnings per share | 14,815 | 28,054 | 67,205 |
| Profit for the period for the purpose of diluted earnings per share |
14,815 | 28,054 | 66,923 |
| Number of shares | No. | No. | No. |
| Weighted average number of ordinary shares for the purpose of basic earnings per share (excludes treasury shares) |
35,835,371 | 35,615,937 | 35,954,427 |
| Weighted average number of ordinary shares for the purpose of diluted earnings per share (excludes treasury shares) |
36,834,436 | 36,593,963 | 36,624,115 |
| Cent | Cent | Cent | |
| Basic earnings per share | 41 | 79 | 186 |
| Diluted earnings per share1 | 40 | 77 | 183 |
1 Diluted earnings per share reflects the potential vesting of share-based payments.
The 'A' ordinary shares of €0.01 each that are in issue have no impact on the earnings per share calculation. The 'A' ordinary shares of €0.01 each are non-voting. They are non-transferable except only to the Company. Other than a right to a return of paid up capital of €0.01 per 'A' ordinary share in the event of a winding up, the 'A' ordinary shares have no right to participate in the capital or the profits of the Company.
The below table reconciles the profit attributable to the parent entity for the year to the amounts used as the numerators in calculating basic and diluted earnings per share for the year and the comparative year including the individual effect of each class of instruments that affects earnings per share:
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Profit attributable to the parent entity for the period | 14,815 | 28,054 | 67,205 |
| 2025 dividend of 0.0 cent (2024: 8.4 cent) per share on 14% non cumulative preference shares of €0.60 each |
— | — | (113) |
| 2025 dividend of 0.0 cent (2024: 4.8 cent) per share on 8% non cumulative preference shares of €0.60 each |
— | — | (169) |
| Profit for the period for the purpose of calculating basic and | |||
| diluted earnings | 14,815 | 28,054 | 66,923 |
The below table reconciles the weighted average number of ordinary shares used as the denominator in calculating basic earnings per share to the weighted average number of ordinary shares used as the denominator in calculating diluted earnings per share including the individual effect of each class of instruments that affects earnings per share:
Note 8 Earnings per €0.60 ordinary share (continued)
| Half year ended 30/06/25 €000s |
Half year ended 30/06/24 €000s |
Year ended 31/12/24 €000s |
|
|---|---|---|---|
| Weighted average number of ordinary shares for the purpose of calculating basic earnings per share |
35,835,371 | 35,615,937 | 35,954,427 |
| Weighted average of potential vesting of share-based payments | 999,065 | 978,026 | 669,688 |
| Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share |
36,834,436 | 36,593,963 | 36,624,115 |
Note 9 Financial instrument and fair value measurement
(a) Financial Instruments
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Financial Assets | |||
| At amortised cost: | |||
| Cash and cash equivalents | 85,517 | 68,231 | 81,139 |
| Deposits | — | 2,949 | — |
| Other receivables | 27,790 | 25,510 | 22,631 |
| Loans | 372 | 394 | 386 |
| At fair value: | |||
| Cash and cash equivalents | 81,734 | 63,107 | 71,181 |
| Equity and debt instruments at FVTPL -mandatory | 117,118 | 147,626 | 131,619 |
| Equity and debt instruments at FVTPL -designated | 1,148 | 1,129 | 1,148 |
| Debt instruments at FVOCI - designated | 864,828 | 856,853 | 891,956 |
| Financial Liabilities | |||
| At amortised cost: | |||
| Other payables | 44,599 | 38,002 | 43,066 |
| Lease liabilities | 3,139 | 3,495 | 3,056 |
| Subordinated debt | 49,808 | 49,749 | 49,780 |
Equity and debt instruments at FVTPL (mandatory) have decreased by €14,501,000 since 31 December 2024 due to a €19,753,000 divestment from the portfolio offset by €5,252,000 in gains in the period.
Other receivables increased by €5,159,000 since 31 December 2024 due to higher prepayments and accrued income at the reporting date.
An ECL for 'Debt instruments at FVOCI' of €550,970 (30 June 2024: €510,988, 31 December 2024: €517,000) does not reduce the carrying amount of the asset in the statement of financial position, which remains at fair value. Instead an amount equal to the allowance that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to provision for credit losses in the income statement.
An ECL of €53,000 (30 June 2024: €142,000, 31 December 2024: €53,000) has reduced the carrying value of 'Other receivables' and an ECL of €8,000 (30 June 2024: €16,000, 31 December 2024: €8,000), has reduced the carrying value of 'Loans'.
| FBD Holdings PLC | Overview | Interim Financial |
|---|---|---|
| Half Yearly Report 2025 | Statements |
Note 9 Financial instrument and fair value measurement (continued)
(b) Fair value measurement
The following table compares the fair value of financial instruments not held at fair value with the fair value of those assets and liabilities:
| Half year ended 30/06/25 |
Half year ended 30/06/25 |
Half year ended 30/06/24 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|---|---|
| Fair value |
Carrying value |
Fair value |
Carrying value |
Fair value |
Carrying value |
|
| €000s | €000s | €000s | €000s | €000s | €000s | |
| Assets | ||||||
| Loans | 446 | 372 | 472 | 394 | 463 | 386 |
| Financial liabilities | ||||||
| Subordinated debt | 49,488 | 49,808 | 47,094 | 49,749 | 48,860 | 49,780 |
The carrying amount of the following assets and liabilities is considered a reasonable approximation of their fair value:
- •Cash and cash equivalents
- •Deposits
- •Other receivables
- •Other payables
- •Lease liabilities
Certain assets and liabilities are measured in the Consolidated Statement of Financial Position at fair value using a fair value hierarchy of valuation inputs. The following table provides an analysis of assets and liabilities that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.
- Level 1 Fair value measurements derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Cash and cash equivalents (Level 1) are valued using the latest available closing NAV of the Money Market Fund.
- Debt instruments at fair value through other comprehensive income quoted debt securities are fair valued using latest available closing bid price.
- Collective investment schemes, fair value through profit or loss (Level 1) are valued using the latest available closing NAV of the funds.
- Level 2 Fair value measurements derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There are no assets/liabilities deemed to be held at this level at end of the periods disclosed.
FBD Holdings PLC Half Yearly Report 2025
Overview Interim Financial Statements
Note 9 Financial instrument and fair value measurement (continued)
- Level 3 Fair value measurements derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Valuation techniques used are outlined below;
- Collective investment schemes, fair value through profit or loss (Infrastructure and Senior Private Debt funds) are valued using the most up-to-date valuations calculated by the fund administrator allowing for any additional investments made up until period end. These collective investment schemes are fund-of-funds and typically apply the International Private Equity and Venture Capital Valuation Guidelines (IPEV) as well as other industry guidance and standards. Valuations are subject to external audit at both the underlying fund and fund-of-funds level. It is not possible to provide quantitative information about the significant unobservable inputs as this information is not provided by the underlying funds.
- Unquoted investments, fair value through profit or loss, are classified as Level 3 as they are not traded in an active market.
- Investment property and property held for own use were fair valued by independent external professional valuers at year end 2024 and they have confirmed these values remain reasonable. Group occupied properties have been valued on a vacant possession basis applying hypothetical 10-year leases and assumptions of void and rent free periods, market rents, capital yields and purchase costs which are derived from comparable transactions and adjusted for property specific factors as determined by the valuer. Group investment properties have been valued using the investment method based on the long leasehold interest in the subject property, the contracted values of existing tenancies, assumptions of void and rent free periods and market rents for vacant lots, and capital yields and purchase costs which are derived from comparable transactions and adjusted for property specific factors as determined by the valuer. The independent external valuers considered the impact of sustainability factors on the valuation of both the investment property and property held for own use, including physical / climate risk. The table below shows the unobservable inputs used in fair value measurements of the properties.
| Fair Value €000s |
Valuation Technique |
Unobservable Input | Range | |
|---|---|---|---|---|
| Properties | 25,321 | Investment Method Capitalisation Yield | 8.25% - 10.5% | |
| Estimated Rental Value (per square foot) | €7.73 - €46.72 |
Note 9 Financial instrument and fair value measurement (continued)
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
|||||||
|---|---|---|---|---|---|---|---|---|
| Level 1 €000s |
Level 2 €000s |
Level 3 €000s |
Total €000s |
Level 1 €000s |
Level 2 €000s |
Level 3 €000s |
Total €000s |
|
| Assets | ||||||||
| Investment property Property held for own |
— | — | 11,300 | 11,300 | — | — | 11,954 | 11,954 |
| use | — | — | 14,021 | 14,021 | — | — | 14,021 | 14,021 |
| Financial assets | ||||||||
| Cash and cash equivalents |
81,734 | — | — | 81,734 | 63,107 | — | — | 63,107 |
| Investments at fair value through profit or loss – collective investment schemes |
60,287 | — | 56,831 | 117,118 | 98,479 | — | 49,147 | 147,626 |
| Investments at fair value through profit or loss -unquoted investments |
— | — | 1,148 | 1,148 | — | — | 1,129 | 1,129 |
| Investments at fair value through other comprehensive |
||||||||
| income – quoted debt securities |
864,828 | — | — | 864,828 | 856,853 | — | — | 856,853 |
| Total assets | 1,006,849 | — | 83,300 1,090,149 1,018,439 | — | 76,251 1,094,690 | |||
| Total liabilities | — | — | — | — | — | — | — | — |
| Year ended 31/12/24 |
|||||
|---|---|---|---|---|---|
| Level 1 €000s |
Level 2 €000s |
Level 3 €000s |
Total €000s |
||
| Assets | |||||
| Investment property | — | — | 11,300 | 11,300 | |
| Property held for own use | — | — | 14,074 | 14,074 | |
| Financial assets | |||||
| Cash and cash equivalents | 71,181 | — | — | 71,181 | |
| Investments at fair value through profit or loss – collective investment schemes |
80,656 | — | 50,963 | 131,619 | |
| Investments at fair value through profit or loss -unquoted investments |
— | — | 1,148 | 1,148 | |
| Investments at fair value through other comprehensive income – quoted debt |
|||||
| securities | 891,956 | — | — | 891,956 | |
| Total assets | 1,043,793 | — | 77,485 | 1,121,278 | |
| Total liabilities | — | — | — | — |
A reconciliation of Level 3 fair value measurement of financial assets and non-financial assets is shown in the table below.
Note 9 Financial instrument and fair value measurement (continued)
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|
| €000s | €000s | €000s | |
| Opening balance Level 3 financial assets and non-financial assets |
77,485 | 73,947 | 73,947 |
| Additions | 3,499 | 2,669 | 4,341 |
| Disposals | (442) | (1,858) | (2,996) |
| Impairment | 2,811 | — | 2,298 |
| Unrealised movements recognised in consolidated income statement |
(53) | 1,493 | (105) |
| Closing balance Level 3 financial assets and non-financial assets |
83,300 | 76,251 | 77,485 |
Note 10 Called up share capital presented as equity
| Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
||
|---|---|---|---|---|
| Number | €000s | €000s | €000s | |
| (i) Ordinary shares of €0.60 each | ||||
| Authorised: | ||||
| At beginning and end of period | 51,326,000 | 30,796 | 30,796 | 30,796 |
| Issued and fully paid: | ||||
| At 1 January 2024 | 36,020,972 | — | 21,612 | 21,612 |
| Share cancellation | (316,200) | — | (190) | (190) |
| Issued during the period | 356,417 | — | 214 | 214 |
| At the end of the period | 36,061,189 | — | 21,636 | 21,636 |
| At 1 January 2025 | 36,061,189 | 21,636 | — | — |
| Issued during the period | 325,120 | 195 | — | — |
| At the end of the period | 36,386,309 | 21,831 | — | — |
| (ii) 'A' Ordinary shares of €0.01 each | ||||
| Authorised: | ||||
| At beginning and end of period | 120,000,000 | 1,200 | 1,200 | 1200 |
| Issued and fully paid: | ||||
| At beginning and end of period | 13,169,428 | 132 | 132 | 132 |
| Total ordinary share capital | 21,963 | 21,768 | 21,768 |
The number of ordinary shares of €0.60 each held as treasury shares at 30 June 2025 was 164,005. At 31 December 2024 and 30 June 2024 the number held was 164,005.
Note 11 Other reserves
| Revaluation reserve |
FVOCI reserve |
Insurance/RI finance reserve |
Total | |
|---|---|---|---|---|
| €000s | €000s | €000s | €000s | |
| Balance at 1 January 2025 | 703 | (16,955) | 4,493 | (11,759) |
| Other comprehensive income | — | 7,363 | (707) | 6,656 |
| Balance at 30 June 2025 | 703 | (9,592) | 3,786 | (5,103) |
| Balance at 1 January 2024 | 700 | (33,608) | 9,104 | (23,804) |
| Other comprehensive income | — | (3,442) | 542 | (2,900) |
| Balance at 30 June 2024 | 700 | (37,050) | 9,646 | (26,704) |
| Balance at 1 January 2024 | 700 | (33,608) | 9,104 | (23,804) |
| Other comprehensive income | 3 | 16,653 | (4,611) | 12,045 |
| Balance at 31 December 2024 | 703 | (16,955) | 4,493 | (11,759) |
Note 12 Insurance and reinsurance contracts
The breakdown of groups of insurance contracts issued, and reinsurance contracts held, that are in an asset position and those in a liability position is set out in the table below:
| Assets | Liabilities | Net | |
|---|---|---|---|
| Half year ended 30/06/25 | €000s | €000s | €000s |
| Total insurance contracts issued | — | (815,818) | (815,818) |
| Total reinsurance contracts held | 131,345 | (591) | 130,754 |
| Assets | Liabilities | Net | |
|---|---|---|---|
| Half year ended 30/06/24 | €000s | €000s | €000s |
| Total insurance contracts issued | — | (761,747) | (761,747) |
| Total reinsurance contracts held | 78,831 | (1,099) | 77,732 |
| Assets | Liabilities | Net | |
|---|---|---|---|
| Year ended 31/12/24 | €000s | €000s | €000s |
| Total insurance contracts issued | — | (767,779) | (767,779) |
| Total reinsurance contracts held | 75,096 | (73) | 75,023 |
FBD Holdings PLC Half Yearly Report 2025
Overview Interim Financial Statements
Note 12 Insurance and reinsurance contracts (continued)
The roll-forward of the net asset or liability for insurance contracts issued, showing the liability for remaining coverage and the liability for incurred claims for major product lines are disclosed in the tables below:
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Half year ended 30/06/25 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Total insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 140,629 | — | 561,201 | 65,949 | 767,779 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
140,629 | — | 561,201 | 65,949 | 767,779 |
| Insurance revenue | (235,093) | — | (235,093) | ||
| Incurred claims and other expenses Amortisation of insurance acquisition cash |
— | — | 217,359 | 12,158 | 229,517 |
| flows | 45,403 | — | — | — | 45,403 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (9,914) | (8,018) | (17,932) |
| Insurance service expenses | 45,403 | — | 207,445 | 4,140 | 256,988 |
| Insurance revenue less insurance service expenses |
(189,690) | — | 207,445 | 4,140 | 21,895 |
| Insurance finance expenses | — | — | 6,597 | — | 6,597 |
| Total amounts recognised in comprehensive income |
(189,690) | — | 214,042 | 4,140 | 28,492 |
| Premium received | 243,362 | — | — | — | 243,362 |
| Claims and other directly attributable expenses paid |
— | — | (176,140) | — | (176,140) |
| Insurance acquisition cash flows | (47,675) | — | — | — | (47,675) |
| Total cash flows | 195,687 | — | (176,140) | — | 19,547 |
| Net insurance contract (assets)/liabilities as at 30/06: |
|||||
| Insurance contract liabilities as at 30/06 | 146,626 | — | 599,103 | 70,089 | 815,818 |
| Insurance contract assets as at 30/06 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 30/06 |
146,626 | — | 599,103 | 70,089 | 815,818 |
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Half year ended 30/06/25 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 63,857 | — | 270,008 | 33,179 | 367,044 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
63,857 | — | 270,008 | 33,179 | 367,044 |
| Insurance revenue | (108,909) | — | — | — | (108,909) |
| Incurred claims and other expenses Amortisation of insurance acquisition cash |
— | — | 65,779 | 5,155 | 70,934 |
| flows | 21,354 | — | — | — | 21,354 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | 790 | (3,153) | (2,363) |
| Insurance service expenses | 21,354 | — | 66,569 | 2,002 | 89,925 |
| Insurance revenue less insurance service expenses |
(87,555) | — | 66,569 | 2,002 | (18,984) |
| Insurance finance expenses | — | — | 3,253 | — | 3,253 |
| Total amounts recognised in comprehensive income |
(87,555) | — | 69,822 | 2,002 | (15,731) |
| Premium received | 116,951 | — | — | — | 116,951 |
| Claims and other directly attributable expenses paid |
— | — | (59,087) | — | (59,087) |
| Insurance acquisition cash flows | (22,877) | — | — | — | (22,877) |
| Total cash flows | 94,074 | — | (59,087) | — | 34,987 |
| Net insurance contract (assets)/liabilities as at 30/06: |
|||||
| Insurance contract liabilities as at 30/06 | 70,376 | — | 280,743 | 35,181 | 386,300 |
| Insurance contract assets as at 30/06 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 30/06 |
70,376 | — | 280,743 | 35,181 | 386,300 |
Other information 44
| Liability for remaining coverage |
Liability for incurred claims | Total | ||||
|---|---|---|---|---|---|---|
| Half year ended 30/06/25 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
||
| Non-motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s | |
| Insurance contract liabilities as at 01/01 | 76,772 | — | 291,193 | 32,770 | 400,735 | |
| Insurance contract assets as at 01/01 | — | — | — | — | — | |
| Net insurance contract (assets)/liabilities as at 01/01 |
76,772 | — | 291,193 | 32,770 | 400,735 | |
| Insurance revenue | (126,184) | — | — | — | (126,184) | |
| Incurred claims and other expenses | — | — | 151,580 | 7,003 | 158,583 | |
| Amortisation of insurance acquisition cash flows |
24,049 | — | — | — | 24,049 | |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — | |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (10,704) | (4,865) | (15,569) | |
| Insurance service expenses | 24,049 | — | 140,876 | 2,138 | 167,063 | |
| Insurance revenue less insurance service expenses |
(102,135) | — | 140,876 | 2,138 | 40,879 | |
| Insurance finance expenses | — | — | 3,344 | — | 3,344 | |
| Total amounts recognised in comprehensive income |
(102,135) | — | 144,220 | 2,138 | 44,223 | |
| Premium received | 126,411 | — | — | — | 126,411 | |
| Claims and other directly attributable expenses paid |
— | — | (117,053) | — | (117,053) | |
| Insurance acquisition cash flows | (24,798) | — | — | — | (24,798) | |
| Total cash flows | 101,613 | — | (117,053) | — | (15,440) | |
| Net insurance contract (assets)/liabilities as at 30/06: |
||||||
| Insurance contract liabilities as at 30/06 | 76,250 | — | 318,360 | 34,908 | 429,518 | |
| Insurance contract assets as at 30/06 | — | — | — | — | — | |
| Net insurance contract (assets)/liabilities as at 30/06 |
76,250 | — | 318,360 | 34,908 | 429,518 |
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Half year ended 30/06/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Total insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 126,971 | — | 578,490 | 69,460 | 774,921 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
126,971 | — | 578,490 | 69,460 | 774,921 |
| Insurance revenue | (212,597) | (212,597) | |||
| Incurred claims and other expenses | — | — | 124,546 | 8,832 | — 133,378 |
| Amortisation of insurance acquisition cash flows |
40,146 | — | — | — | 40,146 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (32,046) | (12,354) | (44,400) |
| Insurance service expenses | 40,146 | — | 92,500 | (3,522) | 129,124 |
| Insurance revenue less insurance service expenses |
(172,451) | — | 92,500 | (3,522) | (83,473) |
| Insurance finance expenses | 3,790 | 3,790 | |||
| Total amounts recognised in comprehensive income |
(172,451) | — | 96,290 | (3,522) | (79,683) |
| Premium received | 222,476 | — | — | — | 222,476 |
| Claims and other directly attributable expenses paid |
— | — | (113,804) | — | (113,804) |
| Insurance acquisition cash flows | (42,163) | — | — | — | (42,163) |
| Total cash flows | 180,313 | — | (113,804) | — | 66,509 |
| Net insurance contract (assets)/liabilities as at 30/06: |
|||||
| Insurance contract liabilities as at 30/06 | 134,834 | — | 560,975 | 65,938 | 761,747 |
| Insurance contract assets as at 30/06 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 30/06 |
134,834 | — | 560,975 | 65,938 | 761,747 |
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Half year ended 30/06/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 58,033 | — | 279,702 | 36,155 | 373,890 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
58,033 | — | 279,702 | 36,155 | 373,890 |
| Insurance revenue | (98,849) | — | — | — | (98,849) |
| Incurred claims and other expenses | — | — | 61,369 | 4,615 | 65,984 |
| Amortisation of insurance acquisition cash flows |
19,182 | — | — | — | 19,182 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (11,626) | (6,168) | (17,794) |
| Insurance service expenses | 19,182 | — | 49,743 | (1,553) | 67,372 |
| Insurance revenue less insurance service expenses |
(79,667) | — | 49,743 | (1,553) | (31,477) |
| Insurance finance expenses | — | — | 1,764 | — | 1,764 |
| Total amounts recognised in comprehensive income |
(79,667) | — | 51,507 | (1,553) | (29,713) |
| Premium received | 104,729 | — | — | — | 104,729 |
| Claims and other directly attributable expenses paid |
— | — | (50,494) | — | (50,494) |
| Insurance acquisition cash flows | (20,014) | — | — | — | (20,014) |
| Total cash flows | 84,715 | — | (50,494) | — | 34,221 |
| Net insurance contract (assets)/liabilities as at 30/06: |
|||||
| Insurance contract liabilities as at 30/06 | 63,081 | — | 280,715 | 34,602 | 378,398 |
| Insurance contract assets as at 30/06 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 30/06 |
63,081 | — | 280,715 | 34,602 | 378,398 |
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Half year ended 30/06/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Non - motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 68,938 | — | 298,788 | 33,305 | 401,031 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
68,938 | — | 298,788 | 33,305 | 401,031 |
| Insurance revenue | (113,748) | — | — | — | (113,748) |
| Incurred claims and other expenses | — | — | 63,177 | 4,217 | 67,394 |
| Amortisation of insurance acquisition cash flows |
20,964 | — | — | — | 20,964 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (20,420) | (6,186) | (26,606) |
| Insurance service expenses | 20,964 | — | 42,757 | (1,969) | 61,752 |
| Insurance revenue less insurance service expenses |
(92,784) | — | 42,757 | (1,969) | (51,996) |
| Insurance finance expenses | — | — | 2,026 | — | 2,026 |
| Total amounts recognised in comprehensive income |
(92,784) | — | 44,783 | (1,969) | (49,970) |
| Premium received | 117,747 | — | — | — | 117,747 |
| Claims and other directly attributable expenses paid |
— | — | (63,310) | — | (63,310) |
| Insurance acquisition cash flows | (22,149) | — | — | — | (22,149) |
| Total cash flows | 95,598 | — | (63,310) | — | 32,288 |
| Net insurance contract (assets)/liabilities as at 30/06: |
|||||
| Insurance contract liabilities as at 30/06 | 71,752 | — | 280,261 | 31,336 | 383,349 |
| Insurance contract assets as at 30/06 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 30/06 |
71,752 | — | 280,261 | 31,336 | 383,349 |
Other information 48
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Year ended 31/12/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Total insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 126,971 | — | 578,490 | 69,460 | 774,921 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
126,971 | — | 578,490 | 69,460 | 774,921 |
| Insurance revenue | (441,005) | — | — | — | (441,005) |
| Incurred claims and other expenses | — | — | 251,289 | 15,458 | 266,747 |
| Amortisation of insurance acquisition cash flows |
84,633 | — | — | — | 84,633 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (53,958) | (18,970) | (72,928) |
| Insurance service expenses | 84,633 | — | 197,331 | (3,512) | 278,452 |
| Insurance revenue less insurance service expenses |
(356,372) | — | 197,331 | (3,512) | (162,553) |
| Insurance finance expenses | — | — | 13,656 | — | 13,656 |
| Total amounts recognised in comprehensive income |
(356,372) | — | 210,987 | (3,512) | (148,897) |
| Premium received | 459,972 | — | — | — | 459,972 |
| Claims and other directly attributable expenses paid |
— | — | (228,276) | — | (228,276) |
| Insurance acquisition cash flows | (89,941) | — | — | — | (89,941) |
| Total cash flows | 370,031 | — | (228,276) | — | 141,755 |
| Net insurance contract (assets)/liabilities as at 31/12: |
|||||
| Insurance contract liabilities as at 31/12 | 140,630 | — | 561,201 | 65,948 | 767,779 |
| Insurance contract assets as at 31/12 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 31/12 |
140,630 | — | 561,201 | 65,948 | 767,779 |
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Year ended 31/12/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 58,033 | — | 279,702 | 36,155 | 373,890 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
58,033 | — | 279,702 | 36,155 | 373,890 |
| Insurance revenue | (204,756) | — | — | — | (204,756) |
| Incurred claims and other expenses | — | — | 117,104 | 7,416 | 124,520 |
| Amortisation of insurance acquisition cash flows |
40,356 | — | — | — | 40,356 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (24,913) | (10,393) | (35,306) |
| Insurance service expenses | 40,356 | — | 92,191 | (2,977) | 129,570 |
| Insurance revenue less insurance service expenses |
(164,400) | — | 92,191 | (2,977) | (75,186) |
| Insurance finance expenses | — | — | 6,864 | — | 6,864 |
| Total amounts recognised in comprehensive income |
(164,400) | — | 99,055 | (2,977) | (68,322) |
| Premium received | 212,650 | — | — | — | 212,650 |
| Claims and other directly attributable expenses paid |
— | — | (108,749) | — | (108,749) |
| Insurance acquisition cash flows | (42,427) | — | — | — | (42,427) |
| Total cash flows | 170,223 | — | (108,749) | — | 61,474 |
| Net insurance contract (assets)/liabilities as at 31/12: |
|||||
| Insurance contract liabilities as at 31/12 | 63,856 | — | 270,008 | 33,178 | 367,042 |
| Insurance contract assets as at 31/12 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 31/12 |
63,856 | — | 270,008 | 33,178 | 367,042 |
Note 12 Insurance and reinsurance contracts (continued)
| Liability for remaining coverage |
Liability for incurred claims | Total | |||
|---|---|---|---|---|---|
| Year ended 31/12/24 | Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|
| Non - motor insurance contracts issued | €000s | €000s | €000s | €000s | €000s |
| Insurance contract liabilities as at 01/01 | 68,938 | — | 298,788 | 33,305 | 401,031 |
| Insurance contract assets as at 01/01 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 01/01 |
68,938 | — | 298,788 | 33,305 | 401,031 |
| Insurance revenue | (236,249) | — | — | — | (236,249) |
| Incurred claims and other expenses | — | — | 134,185 | 8,042 | 142,227 |
| Amortisation of insurance acquisition cash flows |
44,277 | — | — | — | 44,277 |
| Losses on onerous contracts and reversals of those losses |
— | — | — | — | — |
| Changes that relate to past service-Changes in FCF relating to the LIC |
— | — | (29,045) | (8,577) | (37,622) |
| Insurance service expenses | 44,277 | — | 105,140 | (535) | 148,882 |
| Insurance revenue less insurance service expenses |
(191,972) | — | 105,140 | (535) | (87,367) |
| Insurance finance expenses | — | — | 6,792 | — | 6,792 |
| Total amounts recognised in comprehensive income |
(191,972) | — | 111,932 | (535) | (80,575) |
| Premium received | 247,322 | — | — | — | 247,322 |
| Claims and other directly attributable expenses paid |
— | — | (119,527) | — | (119,527) |
| Insurance acquisition cash flows | (47,514) | — | — | — | (47,514) |
| Total cash flows | 199,808 | — | (119,527) | — | 80,281 |
| Net insurance contract (assets)/liabilities as at 31/12: |
|||||
| Insurance contract liabilities as at 31/12 | 76,774 | — | 291,193 | 32,770 | 400,737 |
| Insurance contract assets as at 31/12 | — | — | — | — | — |
| Net insurance contract (assets)/liabilities as at 31/12 |
76,774 | — | 291,193 | 32,770 | 400,737 |
The roll-forward of the net asset or liability for reinsurance contracts held showing assets for remaining coverage and amounts recoverable on incurred claims arising on property and liability insurance ceded to reinsurers is disclosed in the tables below:
| Assets for remaining coverage | Amounts recoverable on incurred claims |
Total | ||||
|---|---|---|---|---|---|---|
| Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
|||
| Half year ended 30/06/25 | €000s | €000s | €000s | €000s | €000s | |
| Reinsurance contracts held that are liabilities as at 01/01 |
(73) | — | — | — | (73) | |
| Reinsurance contracts held that are assets as at 01/01 |
(4,341) | — | 72,658 | 6,779 | 75,096 | |
| Net reinsurance contracts held as at 01/01 | (4,414) | — | 72,659 | 6,779 | 75,023 | |
| Reinsurance expense | (16,429) | — | — | — | (16,429) | |
| Change in amounts recoverable for incurred claims and other expenses |
— | — | 68,091 | 2,862 | 70,953 | |
| Changes that relate to past service-changes in the FCF relating to incurred claims recovery |
— | — | 2,892 | 815 | 3,707 | |
| Loss-recovery on onerous underlying contracts and adjustments |
— | — | — | — | — | |
| Effect of changes in risk of reinsurers' non performance |
— | — | (21) | — | (21) | |
| Net income/expense from reinsurance contracts held |
(16,429) | — | 70,962 | 3,677 | 58,210 | |
| Finance income / expense from reinsurance contracts held |
— | — | 724 | — | 724 | |
| Total amounts recognised in comprehensive income |
(16,429) | — | 71,686 | 3,677 | 58,934 | |
| Premiums paid, net of commission ceded | 17,574 | — | — | — | 17,574 | |
| Recoveries from reinsurance | — | — | (20,777) | — | (20,777) | |
| Total cash flows | 17,574 | — | (20,777) | — | (3,203) | |
| Net reinsurance contract assets/ (liabilities) held as at 30/06: |
||||||
| Reinsurance contracts held that are liabilities as at 30/06 |
(591) | — | — | — | (591) | |
| Reinsurance contracts held that are assets as at 30/06 |
(2,678) | — | 123,567 | 10,456 | 131,345 | |
| Net reinsurance contracts held as at 30/06 | (3,269) | — | 123,567 | 10,456 | 130,754 |
| Assets for remaining coverage | Amounts recoverable on incurred claims |
Total | |||
|---|---|---|---|---|---|
| Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
||
| Half year ended 30/06/24 | €000s | €000s | €000s | €000s | €000s |
| Reinsurance contracts held that are liabilities as at 01/01 |
(502) | — | 21 | 1 | (480) |
| Reinsurance contracts held that are assets as at 01/01 |
(3,472) | — | 91,547 | 9,445 | 97,520 |
| Net Reinsurance contracts held as at 01/01 | (3,974) | — | 91,568 | 9,446 | 97,040 |
| Reinsurance expense | (17,278) | — | — | — | (17,278) |
| Change in amounts recoverable for incurred claims and other expenses |
— | — | 2,053 | 227 | 2,280 |
| Changes that relate to past service-changes in the FCF relating to incurred claims recovery |
— | — | (17,545) | (2,992) | (20,537) |
| Loss-recovery on onerous underlying contracts and adjustments |
— | — | — | — | — |
| Effect of changes in risk of reinsurers' non performance |
— | — | 1 | — | 1 |
| Net income/(expense) from reinsurance contracts held |
(17,278) | — | (15,491) | (2,765) | (35,534) |
| Finance income / (expense) from reinsurance contracts held |
— | — | 612 | — | 612 |
| Total amounts recognised in comprehensive income |
(17,278) | — | (14,879) | (2,765) | (34,922) |
| Premiums paid, net of commission ceded | 17,816 | — | — | — | 17,816 |
| Recoveries from reinsurance | — | — | (2,201) | — | (2,201) |
| Total cash flows | 17,816 | — | (2,201) | — | 15,615 |
| Net reinsurance contract assets/ (liabilities) held as at 30/06: |
|||||
| Reinsurance contracts held that are liabilities as at 30/06 |
(1,121) | — | 21 | 1 | (1,099) |
| Reinsurance contracts held that are assets as at 30/06 |
(2,315) | — | 74,466 | 6,680 | 78,831 |
| Net reinsurance contracts held as at 30/06 | (3,436) | — | 74,487 | 6,681 | 77,732 |
| Assets for remaining coverage | Amounts recoverable on incurred claims |
Total | |||
|---|---|---|---|---|---|
| Excluding loss component |
Loss component |
Estimates of the present value of future cash flows |
Risk Adjustment |
||
| Year ended 31/12/24 | €000s | €000s | €000s | €000s | €000s |
| Reinsurance contracts held that are liabilities as at 01/01 |
(502) | — | 21 | 1 | (480) |
| Reinsurance contracts held that are assets as at 01/01 |
(3,473) | — | 91,547 | 9,446 | 97,520 |
| Net Reinsurance contracts held as at 01/01 | (3,975) | — | 91,568 | 9,447 | 97,040 |
| Reinsurance expense | (34,082) | — | — | — | (34,082) |
| Change in amounts recoverable for incurred claims and other expenses |
— | — | 9,684 | 932 | 10,616 |
| Changes that relate to past service-changes in the FCF relating to incurred claims recovery |
— | — | (24,389) | (3,600) | (27,989) |
| Loss-recovery on onerous underlying contracts and adjustments |
— | — | — | — | — |
| Effect of changes in risk of reinsurers' non performance |
— | — | 2 | — | 2 |
| Net income/(expense) from reinsurance contracts held |
(34,082) | — | (14,703) | (2,668) | (51,453) |
| Finance income / (expense) from reinsurance contracts held |
— | — | 2,152 | — | 2,152 |
| Total amounts recognised in comprehensive income |
(34,082) | — | (12,551) | (2,668) | (49,301) |
| Premiums paid, net of commission ceded | 33,642 | — | — | — | 33,642 |
| Recoveries from reinsurance | — | — | (6,359) | — | (6,359) |
| Total cash flows | 33,642 | — | (6,359) | — | 27,283 |
| Net reinsurance contract assets/ (liabilities) held as at 31/12: |
|||||
| Reinsurance contracts held that are liabilities as at 31/12 |
(73) | — | — | — | (73) |
| Reinsurance contracts held that are assets as at 31/12 |
(4,341) | — | 72,658 | 6,779 | 75,096 |
| Net reinsurance contracts held as at 31/12 | (4,414) | — | 72,658 | 6,779 | 75,023 |
Note 13 Other provisions
| MIBI levy | MIICF contribution |
Consequential payments |
State subsidies |
ESG initiative | Total | |
|---|---|---|---|---|---|---|
| €000s | €000s | €000s | €000s | €000s | €000s | |
| Balance at 1 January 2025 | 6,356 | 2,131 | 111 | 5,800 | — | 14,398 |
| Provided/(released) in the period | 3,030 | — | (50) | — | — | 2,980 |
| Net amounts paid | (3,030) | (2,131) | (9) | — | — | (5,170) |
| Balance at 30 June 2025 | 6,356 | — | 52 | 5,800 | — | 12,208 |
| Balance at 1 January 2024 | 6,507 | 3,854 | 1,022 | 6,200 | 2,500 | 20,083 |
| Provided/(released) in the period | 3,108 | 1,073 | (703) | (600) | 1,500 | 4,378 |
| Net amounts paid | (3,108) | (3,854) | (66) | — | — | (7,028) |
| Balance at 30 June 2024 | 6,507 | 1,073 | 253 | 5,600 | 4,000 | 17,433 |
| Balance at 1 January 2024 | 6,507 | 3,854 | 1,022 | 6,200 | 2,500 | 20,083 |
| Provided/(released) in the period | 5,675 | 2,132 | (712) | (400) | — | 6,695 |
| Net amounts paid | (5,826) | (3,855) | (199) | — | — | (9,880) |
| Reclassification to accruals | — | — | — | — | (2,500) | (2,500) |
| Balance at 31 December 2024 | 6,356 | 2,131 | 111 | 5,800 | — | 14,398 |
MIBI levy
The Group's share of the Motor Insurers' Bureau of Ireland 'MIBI' levy for 2025 is based on its estimated market share in the current year at the Statement of Financial Position date. Payments of the total amount provided are made in equal instalments throughout the year.
MIICF contribution
The Group's contribution to the Motor Insurers' Insolvency Compensation Fund 'MIICF' for 2024 was based on 1% of its Motor Gross Written Premium from 1 January 2024. Payment was made in the first half of 2025. Since 1 January 2025 there has been no requirement to contribute to the Motor Insurers Insolvency Compensation Fund (MIICF).
Consequential payments
The balance of the provision of €52,000 is based on the best estimate of the Consequential Payments provision in respect of the FSPO decisions and payments are expected to be made before the end of the year.
State subsidies
The Group has included a provision of €5,800,000 in the financial statements in respect of our current estimate of the cost of a constructive obligation arising from the deduction of State subsidies from Business Interruption claims payments following Covid-19 closures. This amount was settled in July 2025.
ESG initiative
The Group included provisions of €2,500,000 and €1,500,000 in the financial statements for FBD's contribution to the ESG initiative to develop the Padraig Walshe Centre for Sustainable Animal and Grassland Research and to UCD Agricultural Science Centre for investment in the new agricultural research and education facilities at UCD Lyons Farm respectively. Following the approval of planning permission and the confirmation of timing and amount certainty, the liabilities have been reclassified to accruals in 2024. This amount is expected to be settled in this financial year.
Note 14 Dividends
| Half year ended 30/06/25 €000s |
Half year ended 30/06/24 €000s |
Year ended 31/12/24 €000s |
|
|---|---|---|---|
| Paid in period: | |||
| 2024 dividend of 8.4 cent (2023: 8.4 cent) per share on 14% non cumulative preference share of €0.60 each |
113 | 113 | 113 |
| 2024 dividend of 4.8 cent (2023: 4.8 cent) per share on 8% non cumulative preference share of €0.60 each |
169 | 169 | 169 |
| 2024 final dividend of 100.0 cent (2023: 100.0 cent) per share on ordinary shares of €0.60 each |
36,223 | 35,902 | 35,902 |
| 2024 special dividend of 100.0 cent per share on ordinary shares of €0.60 each |
— | — | 35,896 |
| Total dividends paid | 36,505 | 36,184 | 72,080 |
2024 final dividend payments were approved by the shareholders at the Annual General Meeting on 8 May 2025 and paid on 11 June 2025.
A special dividend of 75 cent per ordinary share (€27,167,000) has been approved by the Board of FBD Holdings plc on 7 August 2025. The approved dividend has not been included as a liability in the Consolidated Statement of Financial Position at 30 June 2025.
Note 15 Retirement benefit surplus
The Group operates a funded defined benefit retirement scheme for qualifying employees that is closed to future accrual and new entrants. The Scheme liabilities decreased by slightly more than the reduction in the value of Scheme assets, resulting in an increase in the surplus at 30 June 2025.
The amounts recognised in the Consolidated Statement of Financial Position are as follows:
| Half year Half year ended 30/06/25 30/06/24 |
Year ended ended 31/12/24 |
||
|---|---|---|---|
| €000s | €000s | €000s | |
| Fair value of plan assets | 66,110 | 67,600 | 68,127 |
| Present value of defined benefit obligation | (58,246) | (60,400) | (61,734) |
| Net retirement benefit surplus | 7,864 | 7,200 | 6,393 |
Note 16 Transactions with related parties
For the purposes of the disclosure requirements of IAS 24, the term "key management personnel" (i.e. those persons having authority and responsibility for planning, directing and controlling the activities of the Group) comprises the Board of Directors and Company Secretary of FBD Holdings plc and the Group's primary subsidiary, FBD Insurance plc and the members of the Executive Management Team. Full disclosure in relation to the compensation of the Board of Directors and details of Directors' share options are provided in the Report on Directors' Remuneration in the 2024 Annual Report. An analysis of share-based payments to key management personnel is also included in Note 35 of the 2024 Annual Report. The level and nature of related party transactions in the first half of 2025 are consistent with the transactions disclosed in the 2024 Annual Report.
55
Note 17 Contingent liabilities and contingent assets
There were no contingent liabilities or contingent assets at 30 June 2025, 30 June 2024 or 31 December 2024.
Note 18 Subsequent events
On 28 July 2025, the High Court of Ireland made an Order confirming the special resolution of the shareholders of the Company (as passed on 8 May 2025) approving the reduction of the company capital of FBD Holdings plc by the cancellation and extinguishment of the entire amount standing to the credit of the share premium account of the Company (being €20,227,185), such that the reserve resulting from such cancellation be treated as profits available for distribution. A copy of the perfected order was registered in the Companies Registration Office on 6 August 2025.
Note 19 Information
This half yearly report and the Annual Report for the year ended 31 December 2024 are available on the Company's website at www.fbdgroup.com.
Note 20 Approval of Half Yearly Report
The half yearly report was approved by the Board of Directors of FBD Holdings plc on 7 August 2025.
Responsibility Statement
The Directors are responsible for preparing the Half Yearly Financial Report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank of Ireland (Investment Market Conduct) Rules 2019 and with IAS 34, Interim Financial Reporting as adopted by the European Union.
We confirm that to the best of our knowledge:
- a) the Group condensed set of interim financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union;
- b) the interim management report includes a fair review of the important events that have occurred during the first six months of the financial year, and their impact on the condensed set of interim financial statements and the principal risks and uncertainties for the remaining six months of the financial year;
- c) the interim management report includes a fair review of related party transactions that have occurred during the first six months of the current financial year and that have materially affected the financial position or the performance of the Group during that period, and any changes in the related parties' transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Group in the first six months of the current financial year.
On behalf of the Board
Jim Bergin Tomás Ó Midheach Chairman Group Chief Executive
7 August 2025
Other information
Other Information
FBD BUSINESS INSURANCE CUSTOMER
Ann Stokes Gilvarry Áibhéil of Adare, Co. Limerick
ALTERNATIVE PERFORMANCE MEASURES (APMs) (UNAUDITED)
The Group uses the following alternative performance measures: Loss ratio, undiscounted loss ratio, expense ratio, combined operating ratio, undiscounted combined operating ratio, actual investment return ratio, net asset value per share, return on equity, underwriting result and gross written premium. APMs are supplementary and not a substitute for measures defined in IFRS. All APMs refer to past events and do not represent forecasted measures.
The calculation of the APM's is based on the following data:
Loss ratio
The loss ratio measures the claims incurred net of reinsurance result as a percentage of insurance revenue. It serves as a core indicator of underwriting performance. It helps investors understand the profitability of the Group's core underwriting business. It is a consistent metric across the industry, making it a reliable comparison for performance. The loss ratio is used to evaluate profitability of the Insurance business.
Formula: Loss Ratio = Total claims incurred and movement in other provision charges / Insurance revenue × 100
Components:
• Total claims incurred and movement in other provision charges: Represents the total financial impact recognised during the reporting period due to policyholder claims, related provisions, and associated movements in the insurer's financial obligations. This metric provides a comprehensive view of the company's claims-related expenses and adjustments affecting its liability position.
The component above includes:
- • Incurred claims and other expenses: This includes claims paid during the reporting period and changes in the insurer's best estimate of outstanding claims liabilities. It captures the direct cost of claims (e.g., benefits to policyholders) and associated expenses such as claims handling costs.
- • Change that relate to past service (Changes in fulfilment cash flows (FCF) relating to the liability for incurred claims (LIC)): This component reflects adjustments in the present value of future cash flows (fulfilment cash flows) tied to claims already incurred but not yet settled. Changes arise from updated assumptions, experience adjustments, or interest accretion on LIC.
- • Net expense from reinsurance contracts held: This represents the net impact of reinsurance recoveries and premiums ceded to reinsurers on claims liabilities. It accounts for the reinsurer's share of claims incurred, offset by the reinsurance premiums paid, and any changes in the value of reinsurance assets or liabilities.
- • Movement in other provision charges: This term refers to changes in the Group's liabilities related to insurance contracts not already included in the Insurance Service Result.
- • Insurance revenue: Premiums written during the period, adjusted for changes in unearned premium reserves and interest earned on Instalment premiums.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Incurred claims and other expenses | 12 | 229,517 | 133,378 | 266,747 |
| Changes that relate to past service – changes in FCF relating to the LIC |
12 | (17,932) | (44,400) | (72,928) |
| Net expense from reinsurance contracts held | 5(a) | (58,210) | 35,534 | 51,453 |
| Movement in other provision charges1 | 13 | 2,980 | 2,878 | 6,695 |
| Total claims incurred and movement in other provision charges |
156,355 | 127,390 | 251,967 | |
| 1 ESG initiative has been excluded as not insurance related |
||||
| Insurance revenue | 5(a) | 235,093 | 212,597 | 441,005 |
| Loss ratio | 66.6 % | 60.0 % | 57.1 % |
Undiscounted loss ratio
The undiscounted loss ratio is a measure of underwriting performance, as it calculates the ratio of claims incurred net of reinsurance to insurance revenue without discounting for the time value of money. Discounting has been determined in accordance with accounting policy 3 (E) per 2024 Annual Report. This ratio provides a straightforward view of claims incurred relative to insurance revenue, offering a conservative measure that eliminates the assumptions involved in discounting liabilities and assets. Investors find this metric useful for evaluating short-term cash flow sufficiency and claims management. This APM is valuable when comparing different discounting practices and helps ensure transparency regarding claim liabilities.
Formula: Undiscounted Loss Ratio = Undiscounted total claims incurred and movement in other provision charges / Insurance revenue x 100
Components:
- • Undiscounted total claims incurred and movement in other provision charges: See definition for Total Claims Incurred and movement in the other provisions above, without any adjustments for future liability discounting.
- • Insurance revenue: See above.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Incurred claims and other expenses2 | 236,845 | 140,376 | 276,298 | |
| Changes that relate to past service – changes in FCF relating to the LIC2 |
(17,910) | (42,742) | (74,072) | |
| Net expense from reinsurance contracts held2 | (59,497) | 36,009 | 51,031 | |
| Movement in other provision charges1 | 13 | 2,980 | 2,878 | 6,695 |
| Total claims incurred and movement in other provision charges |
162,418 | 136,521 | 259,952 | |
| 1 ESG initiative has been excluded as not insurance related | ||||
| 2 These items cannot be reconciled to the Financial Statements and therefore we have shown below how the non directly extractable figures are calculated: |
||||
| The difference between the undiscounted loss ratio and loss ratio is the effect of discounting only. Discounting involves applying payment patterns to the estimates of future cashflows related to incurred claims and adjusted using the current discount rates to reflect the times value of money and the financial risks related to those cashflows to the extent not included in the estimates of cashflows. Discounting has been determined in accordance with accounting policy 3 (E) per 2024 Annual Report. |
||||
| Insurance revenue | 5(a) | 235,093 | 212,597 | 441,005 |
| Undiscounted loss ratio | 69.1 % | 64.2 % | 58.9 % |
Expense ratio
The expense ratio represents the proportion of insurance revenue allocated to cover the Group's underwriting expenses, including both acquisition and administrative costs. It is calculated by dividing the sum of amortisation of insurance acquisition cash flow and non-attributable expenses by the insurance revenue. This ratio indicates the percentage of income generated from insurance operations that is utilised for acquiring new or renewing business and managing the Group's administrative functions. The expense ratio reflects the Group's efficiency in managing operational and acquisitionrelated costs relative to its insurance revenue. A lower ratio signifies better cost control and operational efficiency, which is key for profitability. This APM is widely adopted across the insurance industry. It helps stakeholders understand how effectively the Group manages its cost base, allowing for comparisons with other insurers.
Formula: Expense ratio = Amortisation of insurance cash flow and non-attributable expenses / Insurance revenue x 100
Components:
- • Non-attributable expenses: Costs incurred in managing the business, excluding claims costs.
- • Amortisation of insurance cash flow: Expenses associated with acquiring new policies, including commissions paid to intermediaries and marketing expenses.
- • Insurance revenue: Premiums written during the period, adjusted for changes in unearned premium reserves and interest on Instalment premiums.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Amortisation of insurance acquisition cash flow | 5(c) | 45,403 | 40,146 | 84,633 |
| Non-attributable expenses | 5(c) | 19,587 | 18,810 | 37,804 |
| Total insurance acquisition and non | ||||
| attributable expenses | 5(c) | 64,990 | 58,956 | 122,437 |
| Insurance revenue | 5(a) | 235,093 | 212,597 | 441,005 |
| Expense ratio | 27.6 % | 27.7 % | 27.8 % |
Combined operating ratio
The combined operating ratio (COR) is a comprehensive measure of underwriting performance, calculated as the sum of the loss ratio and the expense ratio. It assesses the profitability of core insurance operations before considering investment returns. COR provides an overall view of the Group's underwriting and operational performance. A COR below 100% indicates underwriting profitability, while a ratio above 100% indicates underwriting losses. It is highly reliable due to its broad industry use and comparability across companies. The COR is a key indicator for investors and stakeholders to assess the sustainability and profitability of the Group's insurance operations.
Formula: Combined operating ratio = Loss ratio + Expense ratio
Components:
• The definitions of the components of the loss ratio and expense ratio can be found above.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|---|---|---|---|
| % | % | % | |
| Calculation: | |||
| Loss ratio | 66.6 % | 60.0 % | 57.1 % |
| Expense ratio | 27.6 % | 27.7 % | 27.8 % |
| Combined operating ratio | 94.2 % | 87.7 % | 84.9 % |
Undiscounted combined operating ratio
The undiscounted combined operating ratio (UCOR) is the combined operating ratio calculated without discounting future claim liabilities. The UCOR eliminates the potential distortions of discounting, providing a more conservative view of the Group's performance. It is highly reliable in assessing short-term operational risks and provides a clearer picture of profitability. Investors who prioritise transparency around future liabilities find this metric particularly valuable for assessing the Group's financial health in the absence of discounting assumptions.
Formula: Undiscounted Combined operating ratio = Undiscounted loss ratio + Expense ratio
Components:
• The definitions of the components of the undiscounted loss ratio and expense ratio can be found above.
| Note | Half year ended 30/06/25 % |
Half year ended 30/06/24 % |
Year ended 31/12/24 % |
|
|---|---|---|---|---|
| Calculation: | ||||
| Undiscounted loss ratio | 69.1 % | 64.2 % | 58.9 % | |
| Expense ratio | 27.6 % | 27.7 % | 27.8 % | |
| Undiscounted combined operating ratio | 96.7 % | 91.9 % | 86.7 % |
Actual investment return ratio
Actual investment return ratio measures the profitability of the Company's investment portfolio, expressed as a percentage of the average invested assets over the reporting period. Investment performance is a key driver of profitability for insurance companies, especially given the duration of liabilities. This measure provides a clear understanding of how well the Company is managing its investment portfolio. Actual investment return ratio is useful for assessing the effectiveness of the Company's investment strategy.
Formula: Actual investment return ratio = Actual investment return / Average investment assets
Components:
- • Investment return: Total income generated from investments, including interest, dividends, and capital gains.
- • Average invested assets: The average value of assets allocated to investments over the reporting period.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Investment return recognised in Consolidated Income Statement |
6 | 13,142 | 14,971 | 26,087 |
| Investment return recognised in Statement of comprehensive income |
6 | 8,415 | (3,933) | 19,031 |
| Actual investment return | 21,557 | 11,038 | 45,118 | |
| Average investment assets1 | 1,159,857 | 1,150,602 | 1,145,451 | |
| Actual investment return ratio | 1.9 % | 1.0 % | 4.0 % |
1 This item cannot be reconciled to the Financial Statements and therefore we have shown below how the non-directly extractable figures are calculated:
The group keeps records of its investment asset values at the end of each day. If these values fluctuate daily, the sum of all daily values is computed over the course of the year. Once all daily values are summed, the total is divided by 181 for half-year and 365 for full-year, to get the average investment assets. Calculating average investment assets on a daily basis provides a more precise and smooth reflection of the assets under management, particularly when asset values fluctuate frequently due to market movements or portfolio adjustments. This method ensures that daily variations are factored into the calculation of the actual investment return, giving a more accurate measure of performance over the year
Net asset value per share (NAV per share)
NAV per share represents the Group's total net assets (equity) divided by the number of outstanding shares at the reporting date, excluding treasury shares. It indicates the intrinsic value of each share based on the Group's financial position. NAV per share is widely used in the insurance industry as a measure of shareholder value. It offers a reliable indication of the Group's equity on a per-share basis, which is crucial for assessing intrinsic value. NAV per share is an important metric for investors to compare the Group's market value to its book value.
| FBD Holdings PLC | |
|---|---|
| Half Yearly Report 2025 |
Other information 63
Formula: Net asset value per share = Shareholders' funds - equity interests / Closing number of ordinary shares
Components:
- • Shareholders' funds equity interests: Total assets minus liabilities (equity).
- • Closing number of ordinary shares: The number of ordinary shares held by shareholders at the reporting date, excluding treasury shares.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Shareholders' funds – equity interests | 473,860 | 464,084 | 483,204 | |
| Number of shares | No. | No. | No. | |
| Closing number of ordinary shares (excluding | ||||
| Treasury) | 10 | 36,222,304 | 35,897,184 | 35,897,184 |
| Cent | Cent | Cent | ||
| Net asset value per share | 1,308 | 1,293 | 1,346 |
Return on Equity
Return on Equity (ROE) measures the Group's profitability relative to shareholders' equity, indicating how effectively the Group is utilising shareholder capital to generate profits. ROE is a highly reliable measure of management's effectiveness in using equity to generate returns. It is widely used in the industry to gauge profitability and investment attractiveness. ROE is important for investors who want to assess how efficiently the Group is using its capital to generate profits.
Formula: ROE = Result for the period / Average equity attributable to ordinary shareholders
Components:
- • Result for the period: Profit or loss earned by the Group after taxes and other deductions.
- • Average equity attributable to ordinary shareholders: The average equity held by shareholders over the reporting period.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Average equity attributable to ordinary | ||||
| shareholders1 | 478,532 | 470,560 | 480,120 | |
| Result for the period | 14,815 | 28,054 | 67,205 | |
| Return on Equity2 | 6 % | 12 % | 14 % |
1Average equity is calculated as the opening equity plus closing equity attributable to ordinary shareholders divided by two.
2 Annualised
Underwriting result
The underwriting result reflects the profitability of the Group's core insurance operations, calculated as the difference between the Insurance Service Result and the total of Non-attributable Expenses and Movement in Other Insurance-Related Provisions. The underwriting result is a critical indicator of the Group's ability to price risks effectively and manage its core insurance operations profitably. This APM
is vital for assessing the Group's performance in its primary insurance business, giving stakeholders a clear view of how profitable the Group is in its core operations.
Formula: Underwriting result = Insurance service result - Non-attributable expenses - Movement in other provision charges
Components:
- • Insurance service result: This represents the profitability of the insurance contracts issued by the Group. It is the net outcome of insurance revenue minus incurred claims and insurance service expenses related to fulfilling those contracts. This result excludes the impact of investment income and reflects the financial performance of core underwriting and claims management activities.
- • Non-attributable expenses: Non-attributable expenses refer to costs that cannot be directly linked to specific insurance activities or contracts. These expenses typically encompass general administrative or corporate costs that support the overall operation of the business but do not relate to the underwriting or servicing of individual policies.
- • Movement in other provisions charges: This term refers to changes in the Group's liabilities related to insurance contracts not already included in the Insurance Service Result.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Insurance service result | 5(a) | 36,315 | 47,939 | 111,100 |
| Non-attributable expenses | 5(c) | (19,587) | (18,810) | (37,804) |
| Movement in other provisions1 | 13 | (2,980) | (2,878) | (6,695) |
| Underwriting result | 13,748 | 26,251 | 66,601 |
1ESG initiative has been excluded as not insurance related
Gross written premium
Gross Written Premium (GWP) refers to the total amount of premiums due from policyholders for insurance contracts written during a specific period, before any deductions for reinsurance. GWP includes all premiums related to insurance coverage, whether received upfront or to be received in the future. GWP is a reliable measure of the Group's revenue-generating capacity and growth potential in the insurance market. It reflects the demand for the Group's products and services. GWP remains a key metric used to assess the growth and scale of an insurer's business, providing insight into the demand for insurance products.
Formula: Gross written premium = Insurance revenue - Instalment premium + Movement in unearned premium
Components:
- • Insurance revenue: Premiums written during the period, adjusted for changes in unearned premium reserves and interest on Instalment premiums.
- • Instalment premium: When the policyholder opts to pay in instalments (e.g. monthly or quarterly), rather than as a lump-sum upfront annual payment, the Group charges interest on these payments to compensate for the delayed receipt of the full premium. The instalment premium is the interest earned by the insurer over the course of the payment period, and is included in Insurance revenue.
- • Movement in unearned premium: This term refers to the change in the balance of unearned premium liabilities from one reporting period to the next. Where period covered is different to the financial period, there will be a balance in the unearned premium liability at the financial period end. Unearned premiums represent the portion of premiums that have been received but not yet recognised as revenue because the corresponding insurance coverage has not yet been provided.
Under IFRS 17, these premiums are deferred and recognised as insurance revenue over time as the insurance coverage is delivered.
| Note | Half year ended 30/06/25 |
Half year ended 30/06/24 |
Year ended 31/12/24 |
|
|---|---|---|---|---|
| €000s | €000s | €000s | ||
| Calculation: | ||||
| Insurance revenue | 5(a) | 235,093 | 212,597 | 441,005 |
| Less: Instalment premium1 | (2,550) | (2,321) | (5,014) | |
| Add: Movement in unearned premium1 | 16,358 | 15,791 | 24,228 | |
| Gross written premium | 248,901 | 226,067 | 460,219 |
1These items cannot be reconciled to the Financial Statements and therefore we have shown
below how the non-directly extractable figures are calculated:
• Instalment premium: The interest earned as policyholders make instalment payments. Each instalment payment consists of both the gross written premium and an interest component, with the interest reflecting the time value of money for the insurer due to delayed receipt of the full premium and calculated by reference to a service charge. The interest earned is calculated by applying the service charge percentage to the gross written premium on policies paid by instalments.
• Movement in unearned premium: This movement represents the difference between the opening and closing balance of the unearned premium liability.
66
Independent review report to FBD Holdings plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed FBD Holdings plc's condensed consolidated interim financial statements (the "interim financial statements") in the half yearly report of FBD Holdings plc for the six month period ended 30 June 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank (Investment Market Conduct) Rules 2019.
The interim financial statements, comprise:
- •the condensed consolidated statement of financial position as at 30 June 2025;
- •the condensed consolidated income statement and condensed consolidated statement of comprehensive income for the period then ended;
- •the condensed consolidated statement of cash flows for the period then ended;
- •the condensed consolidated statement of changes in equity for the period then ended; and
- •the explanatory notes to the interim financial statements.
The interim financial statements included in the half yearly report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank (Investment Market Conduct) Rules 2019.
As disclosed in note 3 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' ("ISRE (Ireland) 2410") issued for use in Ireland. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the half yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that FBD Holdings PLC Half Yearly Report 2025 Overview Interim Financial Statements
the directors have identified material uncertainties relating to going concern that are not appropriately
disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (Ireland) 2410. However future events or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The half yearly report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half yearly report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank (Investment Market Conduct) Rules 2019. In preparing the half yearly report including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial statements in the half yearly report based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Transparency (Directive 2004/109/EC) Regulations 2007 and the Central Bank (Investment Market Conduct) Rules 2019 and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers Chartered Accountants 7 August 2025 Dublin