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FBD Holdings plc

FBD Holdings plc. 2007 Preliminary Results. 2007 Preliminary Results. Forward Looking Statements.

imani-patel
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FBD Holdings plc

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  1. FBD Holdings plc 2007 Preliminary Results

  2. 2007 Preliminary Results 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. 2

  3. Contents

  4. 2007 Preliminary Results 2007 Highlights : Underwriting • Excellent Top line performance • FBD Premium…………………up…………… 0.2% • Irish Market premium (IIF) …..down…………5.7% • Market Share……………increase to………….11.3% • Claims reserves • €107m credited to income following review of reserving policy 4

  5. 2007 Preliminary Results 2007 Highlights : Underwriting • Support Centre • Purpose: to be an integral, cost efficient, element in FBD’s platform to deliver increased sales and superior customer care. • February 2007……commenced , 50 staff • December 2007…. 150 staff • Calls handled in H2: 2007…….. 340,000 • Branch Office migration…………….20 offices at year end • Additional time available to branch staff to focus on sales opportunities

  6. 2007 Preliminary Results 2007 Highlights : Underwriting • Strategic Developments Unit Established • “No Nonsense” car insurance….. New stand-alone internet budget priced car product developed • E-commerce development and other initiatives to extend customer reach advanced • Organisation strengthened…. New appointments/new roles • Manager – Strategic Developments • Manager – I.T. • Manager – Insurance Products • Manager – E-Commerce Solutions • Manager – Retail Sales • Manager – Marketing • Manager – Sales Operations • Manager – Support Centre ……….Sales potential and customer care enhanced………

  7. 2007 Preliminary Results 2007 Highlights : Underwriting • Investments • Reduction in equity exposure • Restructuring of bond portfolio to reduce volatility 7

  8. 2007 Highlights : Non-Underwriting 2007 Preliminary Results • La Cala • 43 property handovers (2006: 38) • Sunset Beach • Record hotel occupancy… 85,000 apartment nights • Record revenues and profits • Tower Hotels • Budgets surpassed in challenging market • Financial Services • New business growth ………an increased contribution 8

  9. 2007 Preliminary Results 2007 Highlights : Corporate • Capital Management • Distribution of €177m of reserves (June 2007) • Share buybacks of €53m • Continued Ordinary Dividend Growth Ordinary Dividend Growth (cent)

  10. 2007 Preliminary Results Income Statement 10 * Adjusted to exclude impact of change in claims reserving policy

  11. Income Statement (contd) 2007 Preliminary Results 11 * Adjusted to exclude impact of change in claims reserving policy

  12. 2007 Preliminary Results Income Statement (contd) *Adjusted to exclude impact of change in claims reserving policy 12

  13. 2007 Preliminary Results Balance Sheet : Assets 13

  14. 2007 Preliminary Results Balance Sheet : Equity & Liabilities 14

  15. 2007 Preliminary Results Statement of Changes in Equity 15

  16. 2007 PreliminaryResults Cash Flow Statement 16

  17. 2007 Preliminary Results Return on Equity 17

  18. Gross Claims Run-Off 2007 Preliminary Results 18

  19. 2007 Preliminary Results Market Shares Gross Written Premium – 2007 (Provisional) Total Market 2007 -€3,604m: 2006 - €3,822m: 2005 - €3,841m: 2004 - €3,933m : 2003 - €4,239m: 2002 - €3,955m FBD Premium 2007 - €408m: 2006 - €407m: 2005 - €389m: 2004 - €351m: 2003 - €369m: 2002 - €326m 19

  20. 2007 Preliminary Results Outlook : Underwriting • Premiums - Market • Price reductions have continued into 2008 • “Hardening of premiums expected in coming months”… (major Irish Insurer) • Combined ratios being reported signal inevitability of price increases • Q: How soon? • Claims Environment • Scope for further incremental improvement (Road Safety: Speed cameras / enforcement) • Premiums - FBD • Range of single digit price increases implemented in January 2008 • Year to date - • Marginal growth in Policy Count • Premium income in line with 2007 • Year ahead • Market should harden… volumes up, premium income up • FBD well positioned to take advantage of impending price increases 20

  21. 2007 Preliminary Results Outlook : Underwriting (contd) • Claims • Year to date • Incidence levels similar to 2007 • Year ahead • Budgeting for year to date experience to continue • Average claim costs to rise in line with inflation • No-Nonsense Car Insurance • Brand building underway • Strategic Initiatives • E-commerce developments • Metro markets • New Products • Business Support Centre • Continuing to enhance capacity

  22. 2007 Preliminary Results Outlook : Non-Underwriting • Leisure and Leisure Property Development • Challenging Marketing Conditions • Innovative Marketing / Cross Selling • Cost Management • La Cala Land Sale (Tranche II) • Planning expected in 2009 • Financial Services • Scope / plans to grow in new markets

  23. 2007 Preliminary Results Outlook : Corporate • Capital • Ongoing efficient capital management • €94m distribution (re: claims reserves) scheduled for mid year • Repatriations since March 2005 - €496m (excluding ordinary dividends) • Ordinary Dividend / Earnings Payout continue to grow

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