Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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FBD Holdings PLC (FBH)

  Print      Mail a friend       Annual reports

Friday 19 November, 2010

FBD Holdings PLC

Interim Management Statement

RNS Number : 4707W
FBD Holdings PLC
19 November 2010
 



FBD Holdings PLC

Interim Management Statement

 

FBD Holdings plc ('FBD' or the 'Group') issues the following Interim Management Statement covering the period from 1 July 2010 to date, in accordance with the reporting requirements of the EU Transparency Directive.

Business Overview

In a difficult market environment, FBD has maintained its solid trading performance and delivered strong operating profits to date in the second half of 2010.  It is encouraging that the Group has traded ahead of the prior year and modestly ahead of market expectations, primarily as a result of improved underwriting performance in recent months.

Underwriting

 

Premium rates have continued to harden in the Irish insurance market, particularly for home and business insurance.  Policy volumes in the second half of 2010 to date are level with the previous year, reversing the trend of contraction in previous periods. In line with economic activity in Ireland, insurable risk and values have continued to reduce.  Year to date, FBD's gross written premium is marginally up on last year, while sectoral indicators suggest a further minor reduction in industry premium income.

 

Despite understandable consumer sensitivity to higher premiums, rate increases have been necessary to provide the industry with an adequate return on capital, particularly in light of the unprecedented severe weather claims as a result of the flooding and freezes last winter.

 

In response to changing consumer behaviour, FBD's multi-channel distribution strategy has continued to develop - in particular the success of the local office network in developing farming business and the growth of No Nonsense.  Greater penetration of key urban areas, in particular Dublin, has also been achieved.

 

The Group is encouraged by the introduction of a nationwide network of speed cameras this week.  Successful underwriting and claims management initiatives have resulted in improved non weather-related property claims frequency and contributed to an improvement in the motor vehicle claims ratio.  As a result, and combined with the benefit of rate increases, the Group's loss ratio in the second half of 2010 to date is modestly ahead of previous guidance.

 

The Group continues to focus on efficiency and productivity improvements to maintain FBD's competitive cost structure.

 

 

Non-Underwriting

 

In very challenging market conditions, FBD's property and leisure businesses in Ireland and Spain have delivered operating profits and cash flows in the second half of 2010 to date.  Over-supply in the marketplace is the key challenge facing the property and leisure businesses in Ireland and market capacity needs to reduce to match falling customer demand.  Sunset Beach resort performed particularly strongly and sales of units in La Cala continue to be ahead of expectations.  New marketing and sales initiatives and operational cost efficiencies continue to be identified and implemented.

 

FBD's financial services businesses delivered further solid performances in difficult market conditions and have proactively managed their cost structures to reflect the economic environment.

 

 

Financial Position

 

The Group continues to have a strong capital base and balance sheet and a prudent reserving strategy.  Both the solvency ratio and the reserving position have further strengthened year to date.  The Board is committed to maintaining strong solvency and liquidity margins. 

 

The Group's property assets were independently valued by professional external valuers at 30 June 2010 and the results incorporated into the 2010 Half Yearly Report.  A similar valuation process will be undertaken at 31 December 2010.  The Board believes that as a result of the impairment charges recognised to date and the de-risking of the investment book, the potential for further downside has been greatly reduced and relates predominantly to Irish property and secured loans.

 

 

Outlook

 

Unless exceptional claims events arise during the remainder of the year, the Board is confident that, as a result of the improvement in underwriting performance, the Group will deliver full year 2010 operating earnings per share of 105 to 110 cent per ordinary share.

 

FBD Insurance will focus on profitable growth, maintaining underwriting discipline and constantly evolving its business to reflect customers' needs.  In our insurance business we will continue to implement our programme to increase penetration of key urban markets, in particular Dublin.  Further opportunities to maintain cost advantage will be identified and implemented.

 

The Group expects to deliver operating profits in both its underwriting and non-underwriting businesses in 2010 and is confident that it is well positioned to deliver profitable growth and superior returns to shareholders in the future.

 

 

Forward Looking Statements

Some statements in this announcement are forward-looking.  They represent expectations for 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.

 

 

For Reference

Telephone



FBD


Andrew Langford, Group Chief Executive

+353 1 409 3208

Cathal O'Caoimh, Group Finance Director




Murray Consultants


Joe Murray

+353 1 498 0300

 

 

FBD Holdings plc      FBD House, Bluebell, Dublin 12

Registered in Dublin, Ireland Registered Number 135882

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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