FBD Group said on Thursday that it remains confident in its underlying profitability and growth prospects, even as general inflation is driving up the costs of settling property and motor claims.
The company, led by chief executive Tomás Ó Midheach, said in the trading update ahead of its annual general meeting, that its injury claims experiences so far this year has been “benign” and that there have been no significant weather events. “Overall, we remain confident in the underlying profitability, future growth prospects, capital strength of the business and in our ability to continue to provide excellent service to our customers,” Mr Ó Midheach said.
FBD said it still expects its net Covid-19 business interruption payouts to pubs to come to €44 million – an estimate it outlined at the time of its full-year results in March. The company is not currently giving an estimate of the gross expected costs of payments to 1,000 pubs affected by a landmark court ruling on a small number of test cases in February last year and a follow-up judgment in January.
“Following the quantum hearing judgement in January, we are engaging with the plaintiffs on the steps needed to bring final clarity for all concerned,” it said.