FBD returns euro 40.35m profit for 2000

FBD Holdings, the agricultural insurance group, said trading in the year to date has been "excellent", as it reported it has …

FBD Holdings, the agricultural insurance group, said trading in the year to date has been "excellent", as it reported it has returned to profit in the year to December 31 2000.

It posted full year pretax profit of euro 40.35 million, up from a loss of euro 7.23 million a year earlier, on sales up to euro 269.5 million from euro 229.97 million in 1999.

Gross premiums written were euro 205.49 million compared with euro 179.80 million previously, while operating profit was euro 27.87 million, up 38 per cent from euro 20.2 million in 1999.

The group said prospects for its financial service and property business remain very positive, as FBD Insurance is positioned to increase its market share.

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The Agri-sector continues to be a key customer segment and FBD is closely monitoring the current situation regarding foot-and-mouth disease.

It said a very small number of farmers have foot-and mouth cover in place with FBD, however this cover is no longer available.

In the year under review, the company reported that core insurance and financial services profits rose by 9 per cent to euro 14.6 millionwhile property business returned a growth of 96 per cent to euro 13.3 million.

Net asset per share increased by 19.6 per cent to 394.4 cents and earnings per share were 82.38 cents against 0.08.

The group is recommending a final dividend of 10.05 cents, making the total payout for the year of 17.25 pence, up from 15 pence previously.

AFP