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FBD Holdings plc Chief Executive Officer's Address to the Annual General Meeting 12th May 2021 In the course of his address to shareholders at the Annual General Meeting today , the Chief Executive Officer , Mr. Tomás O'Midheach , will make the following statement on current trading : " The underwriting performance of our business for 2021 to date has been in line with expectations . While average premium charged has reduced , Motor and Liability claims experience has been benign and no significant weather events have occurred . Equity markets in the year to date have been strong and this has led to a positive investment return through the Income Statement . This has been partially offset by the impact of increases in bond yields through the Statement of Other Comprehensive Income leading to a small positive investment return for the year so far . The provision we hold for Covid 19 business interruption claims relating to our pub policies remains at € 65m net of reinsurance . A recent supplementary Court judgement gave additional clarity on costs and the definition of closure . The final determination of the remaining aspects of quantum should be determined following a further Court hearing in July . In the meantime we will continue to progress our claim with reinsurers . In addition we have engaged with the Financial Services & Pensions Ombudsman ( FSPO ) on complaints that they are in the process of adjudicating . Gross Written Premium ( GWP ) has held up well in a very competitive market , for Private Motor in particular . This has been despite the impact of the pandemic on activity and sums insured as well as the continuing payment of premium rebates to Commercial customers . GWP is trending approximately 1 % lower than the equivalent period in 2020 excluding the impact of Covid 19 rebates . Policy numbers have remained stable in the year to date , have increased by over 1 % in the past year and there has been strong retention of existing customers . Average premium has reduced by 3 % overall with Private Motor average premium down by approximately 5 % . FBD continues to rebate premium to businesses which have been closed for the Employers Liability / Public Liability / Business Interruption elements of their cover . In the year to date these rebates have totalled € 4m and have been offset by a lower frequency of claims . We are very supportive of the Government's insurance reform agenda to reduce premiums for farmers , businesses and consumers . We particularly welcome the new Judicial Council guidelines for personal injury awards and have been proactive in reflecting their impact in the prices charged to customers . 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 . " Enquiries FBD Holdings plc Telephone