Final Results

FBD Holdings PLC
6 March 2001




                           PRELIMINARY ANNOUNCEMENT

                RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2000


                                       2000                 1999
HIGHLIGHTS - EURO                 Euro000's            Euro000's
  * Gross premiums written          205,487              179,800        +14.3%

  * Operating profit                 27,872               20,198        +38.0%

  * Operating earnings per           54.75c               39.08c        +40.1%
    share

  * Dividend per share               17.25c               15.00c        +15.0%

  * Net assets per share             394.4c               329.8c        +19.6%



Commenting on the results, Paul O'Callaghan, Chief Executive, FBD Holdings PLC
, stated:

'Year 2000 was an excellent one for the FBD Group. Operating profits grew
significantly, up by 38% to Euro27.9m. Core insurance and financial services
profits rose by 9% to Euro14.6m. whilst our property business returned a
growth of 96% to Euro13.3m. The property result was boosted by a substantial
contribution from the sale of the Guild Street office block in the IFSC. The
increase of 19.6% in net asset value per share (Euro394.4 cents) is also very
good news for shareholders'.

ENDS                                                  6th March 2001

For Reference

FBD:

Paul O'Callaghan, Chief Executive

Philip Fitzsimons, Deputy Chief Executive                  01 4093200


Murray Consultants:

Joe Murray/Geraldine Kearney                              01 632 6400





                               FBD HOLDINGS PLC

                           PRELIMINARY ANNOUNCEMENT



FBD Holdings plc reports excellent results for the year ended 31st December
2000.

Operating Profits

Operating Profits increased very significantly from Euro20.20m. in 1999 to
Euro27.87m. in year 2000, a rise of 38%.

All of the Group's business divisions - insurance underwriting, financial
services and property - contributed to this strong profit performance.

Insurance Underwriting

The technical insurance result improved from Euro6.6m in 1999 to Euro8.7m. in
2000. Premium growth of 14% and an increase of 12% in attributable investment
income underpinned this outcome. The overall claims/premium ratio was similar
to 1999, despite an improvement in our liability loss ratio. The latter
improvement was offset by a deterioration in our motor account which suffered
because of the particularly large increase in the MIB (Motor Insurers' Bureau)
claims charge for uninsured motorists. This rose from Euro3.4m. in 1999 to
Euro7.2m. last year and equated to a cost of IR£65 per car policyholder.

Financial Services

The contribution of our general insurance and life assurance brokerages, IFSC
and other financial service interests is included in the Other Income figure
of Euro16.7m. At Euro2.5m. these were at a similar level to 1999.

Property

Profits from the Group's property and hotel investments, which is also
reported in Other Income were particularly substantial. They increased from
Euro6.8m. in 1999 to Euro13.3m. in 2000. The profit on the completion of the
Guild Street Office block in the International Financial Services Centre
impacted significantly on this result. In addition, our Sunset Beach and La
Cala investments in Spain delivered strong returns.

Balance Sheet

Total assets grew by 12% to Euro751m. and net asset value per share increased
by 19.6% to Euro394.4 cents. This reflects the buoyant trading performance and
the Stock Market recovery for Irish financial stocks and gilts held by the
Group, in the second half of year 2000.

Dividends

In recognition of the excellent results achieved and in keeping with the
Board's commitment to progressive dividend growth, the Directors are
recommending a final dividend of 10.05c (IR7.915018p) per share. It is to be
paid on the 27th April 2001 to shareholders in the Company's Register at close
of business on the 16th March 2001. The final dividend is subject to
withholding taxes (DWT) except for shareholders who are exempt from DWT and
have furnished a properly completed Composite Resident Form to the Companies
Registrar.

Together with the interim dividend of 7.2c (IR5.670461p), total dividends
amount to 17.25c (IR13.585479p), an increase of 15%.

Outlook

The Group continues to pursue its development plans and is confident that it
will achieve its growth targets in all of its businesses.

FBD Insurance, which is now the only significant, independent,
Irish-controlled insurance company in the domestic market, is uniquely
positioned to profitably increase its market share. Against the background of
ongoing overseas-led consolidation in the Irish Insurance Industry, with
consequent overseas-determined decision making, FBD's proven expertise in and
knowledge of the market place combined with the Company's flexibility in
meeting customer needs, presents us with increased opportunities to grow.

FBD Insurance opened its first office in Dublin city centre during 2000 and
will open an additional new branch in Ballaghaderreen on 12th March next.

The prospects for the Group's other financial service and property businesses
remain very positive, with returns from our property investments in Spain
targeted to grow considerably.

Trading in the year to date has been excellent and augurs well for the future.

The Agri-sector continues to be a key customer segment for FBD and the Group
is closely monitoring the current situation regarding Foot and Mouth disease.
A very small number of farmers have Foot and Mouth cover in place with FBD,
however this cover is no longer available.

In line with all those who appreciate the importance of farming in Ireland,
FBD realises the dreadful impact this crisis could have on farm families and
this economy. It is the responsibility of every individual in the country to
make themselves aware of the dangers and comply with all the regulations laid
down by the Department of Agriculture.


                        GROUP PROFIT AND LOSS ACCOUNT

                    FOR THE YEAR ENDED 31ST DECEMBER 2000


                                                        EUROS

                                                             2000         1999
                                                             Euro         Euro
                                                            000's        000's
Turnover                                                   269,493       229,966

Balance on the technical account
- general business                                          8,727        6,568

Longer term investment return                              25,406       24,307

Allocated investment return transferred to the general     (22,448)    (20,067)
business technical account

Other income                                               16,724       10,968
Other charges                                               (537)       (1,578)

Operating profit Note 1                                    27,872       20,198

Short term fluctuations in investment return               12,479       (27,430)

Profit/(loss) before taxation                              40,351       (7,232)

Taxation                                                   (5,296)        7,764

Profit after taxation                                      35,055          532

Minority interests                                          (423)        (204)

Profit after taxation and minority interests               34,632          328

Dividends                                                  (7,502)       (6,546)

Retained profit/(loss)                                     27,130       (6,218)

                                                            Cents        Cents
Operating earnings per 50p ordinary share based on longer   54.75        39.08
term investment return

Earnings per 50p ordinary share                             82.38         0.08

Dividends per 50p ordinary share                            17.25        15.00

Net assets per 50p ordinary share                           394.4        329.8
Note 1 - Operating profit by activity
Insurance/Reinsurance                                      12,091       10,829
Financial services                                          2,486        2,568
Property/Hotels                                            13,295        6,801
                                                           27,872       20,198

                             GROUP BALANCE SHEET

                           AS AT 31ST DECEMBER 2000


                                                        EUROS

                                                      2000                 1999
                                                 Euro000's            Euro000's
ASSETS

Investments                                        639,158              560,953

Reinsurers' share of technical provisions           33,332               38,379

Debtors                                             29,344               27,396

Other assets                                        33,207               28,601

Prepayments and accrued income                      16,448               15,902

TOTAL ASSETS                                       751,489              671,231

LIABILITIES

Technical provisions                             (519,392)            (489,074)

Provision for other risks and charges              (6,712)              (7,814)

Creditors                                         (53,954)             (30,634)

NET ASSETS                                         171,431              143,709

CAPITAL AND RESERVES

Ordinary share capital                              26,530               26,360

Share premium                                        5,215                4,756

Reserves                                           133,049              105,816

ORDINARY SHAREHOLDERS' FUNDS                       164,794              136,932

Preference share capital                             3,093                3,093

Minority interests                                   3,544                3,684

                                                   171,431              143,709





                          GROUP CASH FLOW STATEMENT

                    FOR THE YEAR ENDED 31ST DECEMBER 2000


                                                        EUROS

                                                      2000                 1999
                                                 Euro000's            Euro000's
Net cash inflow from operating activities           91,502               68,525

Dividends paid                                     (6,830)              (6,101)
Corporation tax paid                               (1,446)              (2,425)
Capital expenditure                                (3,627)              (3,246)
Financing                                              629             (14,998)
                                                    80,228               41,755

Cash flows were invested as follows
Decrease in cash holdings                            (160)              (1,416)

Net portfolio investment

Quoted shares                                       16,791                (734)
Quoted debt securities                           (130,520)              102,595
Unquoted shares                                      2,176                  507
Deposits with banks                                176,393             (85,940)
Loans and advances                                  13,909                6,106
Land and property                                    1,639               20,680
Leases                                                   -                 (43)
                                                    80,388               43,171

Net investment of cash flows                        80,228               41,755




                STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                    FOR THE YEAR ENDED 31ST DECEMBER 2000

                                          EUROS

                                                      2000                 1999
                                                 Euro000's            Euro000's
Retained profit/(loss)                              27,130              (6,218)
Exchange translation adjustment                        103                1,656

Total gains / (losses) recognised in year           27,233              (4,562)





                        RECONCILIATION OF MOVEMENT IN

                         ORDINARY SHAREHOLDERS' FUNDS

                    FOR THE YEAR ENDED 31ST DECEMBER 2000


                                                        EUROS

                                                        2000               1999
                                                   Euro000's          Euro000's

Profit after taxation and minority interests          34,632                328
Less: preference dividends                             (299)              (299)
                                                      34,333                 29
Dividends                                            (7,203)            (6,247)
New share capital issued                                 629                236
Other recognised gains                                   103              1,656
                                                      27,862            (4,326)

Ordinary shareholders' funds at beginning of year    136,932            141,258

Ordinary shareholders' funds at end of year          164,794            136,932



                    TECHNICAL RESULT BY CLASS OF BUSINESS

                        YEAR ENDED 31ST DECEMBER 2000


             Net       Net                              Allocated  Technical
             Earned    Claims    Net Op     Underwriting  Inv       Result      
             Premiums  Incurred  Expenses   Result        Income          
             Euro000's Euro000's Euro000's  Euro000's     Euro000's  Euro000's
                                                                   
  Direct                                                                      
  insurance                                                                   
  Motor      105,097   (111,883)  (16,042)   (22,828)      13,321     (9,507)  
                                                                             
  Liability   29,529    (30,588)   (4,965)    (6,024)       6,236        212    
 
  Fire &      31,923    (19,412)   (1,549)    10,962        1,577     12,539   
  Property                                                                    

  Other        2,975     (2,259)     (176)       540          189        729    
 

  Total      169,524   (164,142)  (22,732)   (17,350)      21,323      3,973    
  direct                                                                     
  insurance                                                                   

  Reinsurance  1,114      2,798      (282)     3,630        1,124      4,754    
  acceptances                                                                   

  Total      170,638   (161,344)  (23,014)   (13,720)      22,447     8,727    
                                                                             
YEAR ENDED 31ST DECEMBER 1999

                                                                              
             Net       Net       Net Op     Underwriting  Allocated  Technical
             Earned    Claims                                                 
             Premiums  Incurred  Expenses   Result        Inv        Result   
                                                          Income              
             Euro000's Euro000's  Euro000's  Euro000's     Euro000's  Euro000's

  Direct                                                                      
  insurance                                                                   

  Motor       92,663    (93,149)  (14,828)   (15,314)      11,536     (3,778)  

  Liability   24,978    (33,229)   (4,156)   (12,407)       5,581     (6,826)  

  Fire &      28,314    (15,529)   (2,406)    10,379        1,536     11,915   
  Property                                                                    

  Other        2,895     (2,367)     (375)       153          199        352    
 
  Total      148,850   (144,274)  (21,765)   (17,189)      18,852      1,663    
  direct                                                                     
  insurance                                                                   

  Reinsurancd    761      3,343      (414)     3,690        1,215      4,905    
  acceptances                                                                   

  Total      149,611   (140,931)  (22,179)   (13,499)      20,067      6,568