Annual Report 2022
2022
SUPPORT.
IT’S WHAT WE DO.
Established in the 1960s by farmers for farmers,
FBD has built on our roots in agriculture to
become a leading general insurer directly
serving the needs of Farmer, Business and
Retail customers throughout Ireland.
Profi t before tax
€73.7m
(2021: €110.4m)
Combined operating ratio
74.5%
(2021: 71.5%)
Gross premium written
€383m
(2021: €366m)
2022 Performance Highlights
Further information on the above measures is found in Alternative Performance Measures on 192 and 193.
FBD AT A GLANCE
1
Strategic Report Environmental, Social & Governance Financial Statements Other Information
IN THIS REPORT
Strategic Report
Financial Highlights 2
Our Purpose 3
Chairman’s Statement 4
Review of Operations 7
Our Business Model 16
Our Strategy 18
Risk & Uncertainties Report 21
Environmental, Social & Governance
Environmental, Social & Governance 29
Environmental 34
Social 48
Governance
Board of Directors 60
Corporate Information 64
Report of the Directors 65
Corporate Governance 71
Nomination & Governance Report 86
Report on Directors’ Remuneration 89
Directors’ Responsibilities Statement 107
Financial Statements
Independent Auditors’ Report 110
Consolidated Income Statement 121
Consolidated Statement of Comprehensive Income 122
Consolidated Statement of Financial Position 123
Consolidated Statement of Cash Flows 125
Consolidated Statement of Changes in Equity 126
Company Statement of Financial Position 127
Company Statement of Cash Flows 128
Company Statement of Changes in Equity 129
Notes to the Financial Statements 130
Other Information
Alternative Performance Measures 192
Return of Equity
14%
(2021: 23%)
Net Asset Value
1,188c
(2021: 1,338c)
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2 FBD Holdings PLC Annual Report 2022
Strategic Report
FINANCIAL HIGHLIGHTS
2022
€000s
2021
€000s
Gross premium written 382,889 366,328
Underwriting profit 85,682 95,197
Profit before tax 73,723 110,435
2022
Cent
2021
Cent
Basic earnings per share 181 274
Diluted earnings per share 176
1
268
1
Net asset value per share 1,188 1,338
Ordinary dividend per share proposed 100 100
Ordinary dividend per share paid 100 -
2022
%
2021
%
Combined operating ratio 74.5% 71.5%
Return on equity 14% 23%
1
Diluted earnings per share reflects the potential vesting of share based payments
Further information on measures referred to in our Financial Highlights is found in Alternative Performance Measures on pages 192 and 193.
FINANCIAL CALENDAR
Preliminary announcement 10 March 2023
Dividend record date 21 April 2023
Annual General Meeting 11 May 2023
Dividend payment date 16 May 2023