Fbd Holdings Plc EURONEXT:EG7
FBD : Presentation (2025 Full Year Results Presentation)
Source: MarketScreener
FBD Holdings plc
2025 Results
6th March 2026
Forward looking statements
This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-
looking information involves risks and uncertainties that could affect expected results.
2025 RESULTS
Agenda
Overview
Tomás Ó Midheach, CEO
Financial Performance
Kate Tobin, CFO
Conclusion
Tomás Ó Midheach, CEO
Appendix Glossary Contact Details
2025 RESULTS
OverviewTomás Ó Midheach, CEO
2025 At a Glance
€502m
Gross Written Premium (+9%)
+18,000
Policies up on last year
€54m
Profit Before Tax
Post €30m Jan' 2025
weather loss
100c
Ordinary Dividend Proposed
€4m allocated to
share repurchase
201%
SCR
Post Dividend and share repurchase
3
Strategy continues to deliver
Delivering strong returns with predictable yields
Robust Franchise
Continuing to Grow
€54m profit for 2025, after €30.8m impact
of Jan' 25 weather
Wallet holding steady - strong growth in customer base
90% retention over 2022 - 2025 while
€366m
GWP Growth
+37%
€502m
Policy Count Growth
+16%
495k
572k
maintaining margins
FY2021 2022 2023 2024 2025 FY2025
FY2021 2022 2023 2024 2025 FY2025
GWP & Policy count growth in 2021-2023 excludes legacy scheme
Strongly Capitalised
SCR%
Value created
197%
214%
226%
213%
197% 201%
FY2020 FY2021 FY2022 FY2023 FY 2024 FY 2025
Green = SCR Gain; Amber = Capital Return
4
& Since 2022, €291m capital returned
Profit underpinned by growth, underwriting discipline and investment returns
Profit Before Tax
€54mUnderwriting Result €45m (2024: €67m)
January 2025 weather losses had a net
cost of €30.8m
Income Statement investment return of
€25m (2024: €26m); OCI return €8m (2024: €19m)
€15m favourable prior year reserve development (2024: €27m)
Gross Written Premium
€502mGross Written Premium up 9% on 2024 - growth across all sectors, channels and products
Average premium up 5.6% - 3.4% of which relates to increased levels of cover
Farmer GWP up €28m contributing
two thirds of the increase
Customer Focus
(Policy growth)
+3.2%Growth supported by consistently high retention levels
Farmer up 10,000 policies - Customer
policy holding steady at 3.5
3% growth in increasingly competitive Business sector - Customer policy holding steady at 2.3
3% growth in Retail
6% increase in Home policies with
growth in Direct & Partnership channels
5
Underwriting profitability, in line with expectations, supports strong capital ratio and return on equity
Reported COR
90.8%Undiscounted COR 92.9% (2024: 86.7%)
Current service COR 97.4%
(2024: 95.3%)
COR reflects underlying underwriting profitability following January weather losses
Best Estimate Prior year reserve
development of €15m (2024: €27m)
Solvency II SCR
201%SCR (unaudited) 201% (2024: 197%) after proposed ordinary dividend and share repurchase
Remains strong after proposed return of capital
Risk Appetite 150%-170%
Return on Equity
10%Net Asset Value 1,320 after ordinary and special dividends in 2025 (2024: 1,346c)
Dividend yield 11% (31 Dec 2025)
Return on Targeted Equity of 13%
Ordinary Dividend of 100c proposed
€4m allocated to share repurchase
6
2025 RESULTS
Financial PerformanceKate Tobin, CFO
2025 Results
2025
2024
Change
GWP
€502m
€460m
+€42m
Investment return €25m €26m -€1m
Underwriting result €45m €67m -€22m
Unwind of discounting -€7m -€6m -€1m Finance and other Group costs -€9m -€10m +€1m
1 Profit before tax €54m €77m -€23m
2025 2024 Change
EPS 130c 186c -56c
Profit before tax
supported by growth, underwriting profitability and investment returns
Combined Operating Ratio (COR) of 90.8% reflects underlying underwriting profitability following January weather losses. Best
NAV | 1,320c | 1,346c | -26c | Estimate prior year reserve development is lower than | ||||
ROE | 10% | 14% | -4% | previous years | ||||
2025 | 2024 | Change | ||||||
Loss ratio | 63.2% | 57.1% | +6.1% | 3 Investment portfolio has | ||||
Expense ratio | 27.6% | 27.8% | -0.2% | contributed strongly. Income | ||||
2 | Combined Operating Ratio | 90.8% | 84.9% | +5.9% | from bond portfolios continues to increase as maturities reinvested | |||
3 | Total investment return | 2.8% | 4.0% | -1.2% | at higher book yields | |||
| 2.1% | 2.3% | -0.2% | |||||
| 0.7% | 1.7% | -1.0% | |||||
8 |
2025 Results
1
Insurance service result
reflects underlying underwriting profitability and favourable prior year reserve development following January weather losses
2
Income statement
investment return reflects increasing returns from bonds and reduced contribution from risk assets and cash
3
Net insurance finance
expenses includes impact of unwind of discounting of higher interest rates from 2022-2024
Change
2024
2025
Income Statement
Insurance revenue €487m €441m +€46m
Insurance service expenses -€428m -€279m -€149m
Net income/(expense) from reinsurance contracts held
€34m -€51m +€85m
Insurance service result €93m €111m -€18m
Investment return €25m €26m -€1m
Net insurance finance expenses -€7m -€6m -€1m
result | |||
Non-attributable expenses | -€41m | -€38m | -€3m |
Finance costs, other provisions | -€16m | -€16m | - |
Profit before taxation | €54m | €77m | -€23m |
Net insurance and investment
€111m €131m -€20m
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1
Current Service COR reflects
strong underlying underwriting profitability impacted by January 2025 weather losses
2
Past Service COR
benefitted from favourable development on prior year claims of €14.9m, which is lower than previous years
Analysis of Combined Operating Ratio
2025 | 2024 | |
1 Current Service Combined Operating Ratio | 97.4% | 95.3% |
2 Past Service Combined Operating Ratio | -6.6% | -10.4% |
Reported Combined Operating Ratio | 90.8% | 84.9% |
Undiscounted Combined Operating Ratio | 92.9% | 86.7% |
10
Best Estimate Claims Reserve Development
YE 2023
YE 2025 YE 2025 YE 2025
YE 2022
YE 2023
YE 2025
YE 2024 YE 2024
YE 2021
YE 2023
YE 2025
YE 2024
YE 2022 YE 2024
Evolution of AY 2021 Evolution of AY 2022 Evolution of AY 2023 Evolution of AY 2024 Evolution of AY 2025
Net positive prior year reserve development during 2025
More recent accident years impacted by an observed increase in injury awards
We continue to allow for expectations for future injury claims inflation in the reserves
Note: The above graphs include EL, PL and Motor Accident Years ("AY") only
11
Increased Contribution from Bonds
Income Statement return stable 2.1% | ||
Cash, Fixed Income and Risk Assets:
| ||
OCI return positive 0.7% | ||
Corporate and Sovereign Bonds:
the remaining life as held to maturity | ||
12
Investment Income Analysis 2025 vs 2024
Income Statement returns (€'000s) 2025 vs 2024
2025 2024 Increasing returns from bond portfolios
30,000
2.3%
Bond income increased in 2025 due to
maturities reinvested at higher interest rates
25,000 2.1%
20,000
15,000
10,000
5,000
0
2.1%
1.6%
6.7%
8.0%
1.2% 2.1% 4.1%
0.9%
and book yield enhancement trading
Corporate Bond portfolio average duration
3.4 years
Government Bond portfolio average duration
3.2 years
Despite volatility, all Risk Asset class returns positive in 2025
Returns on Cash moderating due to
-5,000
Total Corporate Risk Assets Government
Cash Investment
Bond
Expenses
ECB rate cuts
Bonds
Bonds
Property
realised gains/losses
* Realised bond losses in 2024 and 2025 due to book yield enhancement trading
13
Investment Allocation
Changes to investment allocation since Dec 2024
13%
22%
9%1%
Dec 2025
55%
11%
22%
11%1%
Dec 2024
31-Dec-25 31-Dec-24* | ||
Corporate Bonds | €644m | €649m |
Government Bonds | €258m | €251m |
Cash | €149m | €132m |
Risk Assets | €106m | €133m |
Investment Property | €11m | €11m |
Total €1,168 | €1,176 | |
55%
Bond maturity and book yield profile by (maturity) year
€330m
3.0% | ||||||||
€161m | €153m | 2.4% | ||||||
€138m | €111m | |||||||
1.0% | ||||||||
1.0% | 1.2% | |||||||
2026 2027 2028 2029 2030+
Cash balance temporarily increased to bolster liquidity for claims and dividend payments
€20m corporate bonds reallocated to cash during 2025
€35m divested from risk assets in line with Strategic Asset
Allocation
Average credit quality of A on bond portfolio Allocation to BBB rated corporate bonds stable
Corporate Bonds Sovereign Bonds Book Yield
* Table restated from prior year to include accrued interest on bonds/cash and to exclude operational bank accounts from investment allocation
14
Higher allocation to cash and bonds, increased predictable
investment income
Cash & Bonds vs Risk Asset allocation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
13.1%
14.9%
12.2%
10.0%
86.9%
85.1%
87.8%
90.0%
Cash & Bond Risk Assets
Risk Assets includes risk asset funds and investment property
Cash & Bond Income Statement Returns* (€'000s)
20,000
18,000
16,000
1.8%
2.0%
1.6%
1.5%
14,000
12,000
10,000
8,000
6,000
4,000
2,000
1.2%
1.0%
0.6%
0.5%
0.0%
Cash
Gov Bond
Corp Bond
Total
* Includes realised losses
-
15
Strong capital generation supporting investor returns
260%
250%
240%
230%
220%
210%
200%
190%
180%
170%
197%
214%
226%
213%
197%
201%
Five ordinary and three special dividends - €291m capital returned to investors since 2022
* Includes €4m share repurchase
16
2025 RESULTS
Conclusion
Tomás Ó Midheach, CEO
Summary
Profit before tax of €54m with COR 90.8%. Strong underlying underwriting profitability and investment performance following impact of January 2025 weather
In line with intention to move closer to target capital levels over
time, ordinary dividend of 100c per share is proposed
Solvency Capital Ratio 201% (unaudited) after proposed ordinary dividend and share repurchase. SCR Risk Appetite 150%-170%
FBD is a resilient and growing business, that continues to deliver for all stakeholders. Focus remains on dividend sustainability while maintaining a strong capital position
Updated Guidance: Combined Operating Ratio low 90s achievable for the full year 2026
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2025 RESULTS
AppendixCorporate Advocacy - The Padraig Walshe Centre for Sustainable Animal and Grassland Research
Construction begins at Teagasc Moorepark
€6m FBD contribution (FBD Holdings Plc €2.5m; FBD Trust €2.5m; Farmer Business Developments Plc €1m), committed to in 2023, matched with €6m from the Department of Agriculture, Food and the Marine
The new Centre will:
Provide state-of-the-art laboratory and animal metabolism facilities
Support research aimed at reducing greenhouse gas emissions and nutrient losses from grassland-based livestock systems
Provide infrastructure and facilities to attract and retain world-leading animal and grassland scientists
Pictured at Teagasc Moorepark are representatives from FBD Holdings Plc, FBD Trust, Farmer Business Developments Plc,
Teagasc, Minister for Agriculture, Food and the Marine, Martin Heydon TD and Ella Walshe
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FBD, Our Strategy
A digitally enabled, data enriched organisation which delivers an excellent customer and employee experience
STRATEGIC AMBITION
Our Customers
We have a complete picture of them, understand them and deliver a proposition they value
TEAMS &
COLLABORATION
OUR CUSTOMERS
are at the heart of what we do
DATA & TECHNOLOGY
Our People
Foster individual and organisational effectiveness
Delivering Measured Profitable Growth
Through a sharp focus on value, growth & capital management
Wider Society & ESG
We are recognised as the Irish insurer supporting local communities. Delivering on our sustainability commitments and supporting our customers in theirs
Our
Customers
Our
People
Our
Investors
Wider Society
& ESG
Our
Regulator
Continuous Improvement
Be better tomorrow than we are today. Create capacity while
enhancing our customer and employee experience
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Strategy Evolution
2025
A digitally enabled, data enriched organisation which delivers an excellent customer and employee experience
2026
Future Proofing Continuous Improvement; Finance, data & technology
strategy and Exploration of further growth
Optimisation
Capital efficiency; Continuous Improvement and Technology
2024
2023
2022
Evolution
Value; SME Growth and Continuous Improvement
Extension
Claims and ESG
Mobilisation
Customer Relationship Focus; Data Enriched and Digitally Enabled
Our Cornerstones
22
Industry Environment and Claims trends
Insurance Reform | ||
to how Personal Injuries Guidelines are reviewed, developed, and approved | ||
Claims Trends | ||
| ||
23
Ireland & Euro Area Economic Environment
GDP & Private Consumption
YoY %
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
Inflation (HICP) & Unemployment Rate
YoY %
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-4.0 0.0
GDP Private Consumption Inflation (HICP) Unemployment Rate
Ireland Euro Area Ireland Euro Area
Ireland Euro Area Ireland Euro Area
Source: European Commission Spring Economic Forecast
24
GWP Performance by Product
11%
Tractor
22%
Agri
Policy count +3.1%
Average premium +9.6%
Tractor
Agri
Policy count +2.4%
Ave. premium +9.7%
21%
Private Motor
12%
2024
GWP
19%
Commercial Business
+9.0%
Policy count +1.8%
Ave. premium +5.0%
Private Motor
2025
GWP
Commercial Business
Policy count +1.1%
Home
15%
Commercial Motor
Policy count +5.7%
Ave. premium +7.7%
Home
Commercial Motor
Ave. premium -0.7%
Policy count +4.6%
Ave. premium +6.5%
25
Premium Analysis
31%
Farmer Business Retail
2025
2024
2023
2022
2021
50
0
49%
49%
49%
51%
50%
200
150
100
Active Premium by Customer Sector
€m
500
450
30%
32%
250
30%
300
29%
20%
21%
350
19%
20%
400
20%
Change in GWP
YOY Movement
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
Policy Volume
Average Rate
Cover and Mix
Total GWP
FY 22 v FY 21
FY 23 v FY 22 FY 24 v FY 23 FY 25 v FY 24
26
Total return to shareholders
€6.75 paid in dividends per share since 2021
Aileen Sheehan
27 FBD Young Farmer of the Year 2025
220.00
Share Price and Index Performance 2021 - 2025
200.00
180.00
160.00
140.00
FBD share price
Dec 2020 €7.50
120.00
100.00
80.00
FBD
ISEQ
Stoxx Europe 600 Insurance
Shown above are the performances of FBD, the ISEQ and Stoxx Europe 600 Insurance indices
rebased from 31 Dec 2020. Average Dividend Yield on ISEQ and Stoxx Europe 600 Insurance of 2% and 5% across 2021 - 2025, FBD 11%
Glossary
Acquisition | The total of net commission and operating expenses incurred in the generation of net earned premium and often expressed as a percentage of net earned premium. The operating expenses are after the transfer of direct costs for claims settlement expenses which are included in net incurred claims expense. |
Best Estimate | The actuary's expectation of future cost to settle all outstanding claims net of any margin for uncertainty, representing a 50% probability that the reserves are adequate to settle all future claims. |
Casualty Insurance | Insurance that is primarily concerned with the losses resulting from injuries to third persons or their property (i.e. not the policyholder) and the resulting legal liability imposed on the insured. It includes, but is not limited to, general liability, employers' liability, workers' compensation, professional liability, public liability and motor liability insurance. |
Catastrophe Reinsurance | A reinsurance contract (often in the form of excess of loss reinsurance) that, subject to specified limits and retention, compensates the ceding insurer for losses in related to an accumulation of claims resulting from a catastrophe event or series of events. |
Claim | The amount payable under a contract of insurance or reinsurance arising from a loss relating to an insured event. |
Claims Handling Expense (CHE) | Costs incurred in the investigation, assessment and settlement of a claim. |
Claims Incurred | The aggregate of all claims paid during an accounting period adjusted by the change in the claims provision for that accounting period. |
Claims Provision | The estimate of the most likely cost of settling present and future claims and associated claims adjustment expenses plus a risk margin to cover possible fluctuation of the liability. |
Combined Operating Ratio ("COR") | The sum of the loss ratio and expense ratio. 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. |
Deferred Acquisition Costs | Acquisition costs relating to the unexpired period of risk of contracts in force at the balance sheet date which are carried forward from one accounting period to subsequent accounting periods. |
Directly Attributable Expenses | flows arising from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs. |
Dividend Yield | Ordinary plus Special Dividend per share (approved or paid) in the financial year ÷ Share Price at 31 Dec FY; 30 Jun HY |
Dividned payout ratio | Represents the proportion of earnings paid out to investors. Dividends per share (approved or paid) in the financial year ÷ Earnings Per Share. |
Earnings Per Share basic (EPS) | Profitability indicator. Profit after tax less preference dividends ÷ weighted average number of outstanding ordinary shares. |
Events Not in Data (ENID) | Insurers are required to allow for all possible events when setting their technical provisions, including those that may not have been historically realised. This is done by allowing for events not in data when calculating technical provisions. |
Excess of Loss Reinsurance | A form of reinsurance in which, in return for a premium, the reinsurer accepts liability for claims settled by the original insurer in excess of an agreed amount, generally subject to an upper limit. |
Expense Ratio | Insurance acquisition expenses and non-attributable expenses as a percentage of insurance revenue. |
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Glossary
Fair Value through Other Comprehensive Income (FVOCI) | Financial assets classified and measured at fair value through other comprehensive income. |
General Insurance | Generally used to describe non-life insurance business including property and casualty insurance. |
Gross Claims Incurred | The amount of claims incurred during an accounting period before deducting reinsurance recoveries. |
Gross Earned Premium (GEP) | The total premium on insurance earned by an insurer or reinsurer during a specified period on premiums underwritten in the current and previous underwriting years. |
Gross Written Premium (GWP) | The total amount of premiums due from policyholders for insurance contracts written during a specific period, before any deductions for reinsurance. |
Incurred but not Reported (IBNR) | Claims arising out of events that have occurred before the end of an accounting period but have not been reported to the insurer by that date. |
Insurance Finance Income or Expenses (IFIE) | IFRS 17 permits an entity to choose to present insurance finance income or expenses either in profit or loss or disaggregated between profit or loss and OCI. This choice is made on a portfolio-by-portfolio basis. |
Insurance Service Result | Insurance revenue less Insurance service expenses less Net expenses from reinsurance contracts held. |
Legacy Scheme Runoff | Broker scheme for Private Motor and Home which was terminated in 2024. |
Long-tail | Classes of insurance business involving coverage for risks where notice of a claim may not be received for many years and claims may be outstanding for more than one year before they are finally quantifiable and settled by the insurer. |
Loss Ratio | Claims incurred net of reinsurance result as a percentage of insurance revenue. |
Margin for Uncertainty | The margin held over and above the actuarial best estimate in order to provide greater certainty that claims reserves will be sufficient to settle all outstanding claims as they fall due. |
Net Asset Value (NAV) | Net Asset Value is the net value of an entity's assets less its liabilities, divided by the number of shares outstanding. |
Net Claims Incurred | The amount of claims incurred during an accounting period after deducting reinsurance recoveries. |
Net Claims Ratio | Net claims incurred as a percentage of net earned premium. |
Net Earned Premium (NEP) | Net written premium adjusted by the change in net unearned premium for a year. |
Net Investment Income | Gross investment income net of foreign exchange gains and losses and investment expenses. |
Net Written Premium (NWP) | The total premium on insurance underwritten by an insurer during a specified period after the deduction of premium applicable to reinsurance. |
Other Comprehensive Income (OCI) | Other comprehensive income consists of revenues, expenses, gains, and losses that, under IFRS standards, are excluded from net income on the income statement. |
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