FBD Holdings makes progress in improving profitability

Ireland-focused property and casualty insurer FBD Holdings says it continues to make progress in improving profitability, helped by strong underwriting actions and favourable weather year to date.

"We have maintained excellent levels of retention of key customer groups through our strong customer relationships and the level of service we provide," said chairman Michael Berkery.

"The hardening of insurance rates has continued into 2017 albeit at a more moderated level as we maintain our focus on underwriting discipline and profitability," he said.

Berkery said the injury claims environment remained uncertain and FBD welcomed the increased attention and action this was receiving from Government.

He added that FBD believed sustained public policy action was needed to improve the claims environment in Ireland.

2We note the progress to date on the recommendations from the Cost of Insurance Working Group," the chairman said.

"The Group's low risk investment allocation has provided a return largely in line with expectations since the start of the year."

In the year to day, FBD had seen a steady improvement of its key measure, Combined Operating Ratio, towards the target range of mid to high nineties.

At about 10:45 BST, shares in FBD Holdings were unmoved at 8.25p each.