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FBD HOLDINGS PLC 6 August 2021 FBD HOLDINGS PLC Half yearly Report For the Six Months ended 30 June 2021 FBD KEY HIGHLIGHTS • • • Profit Before Tax of € 22m compared to a Loss Before Tax of € 9m in 2020 . Combined Operating Ratio of 92 % . The result includes a € 13m provision for consequential payments following Financial Services and Pensions Ombudsman ( FSPO ) rulings on Business Interruption complaints after consideration of the Central Bank of Ireland's Business Interruption Insurance Supervisory Framework . The Business Interruption best estimate of ultimate net costs for public house claims increased marginally to € 67m . Investment portfolio annualised return of 0.9 % at Half Year , equating to positive investment returns of € 5m . • • Our capital position remains strong with a Solvency Capital Ratio of 198 % ( unaudited ) . Average premium down 2.1 % across the portfolio with Motor down 5.7 % . • Increase of 3,500 policy holders since the beginning of 2021 . Brand awareness maintained in the top 3 according to the National Brand Health Tracker . Launch of Inclusio software that combines technology , behavioural science and psychology to support employees as we drive towards Silver Accreditation from the Irish Centre of Diversity . FINANCIAL SUMMARY Gross written premium Underwriting profit / ( loss ) Profit / ( Loss ) before taxation Loss ratio Expense ratio Combined operating ratio Basic earnings / ( loss ) per share Net asset value per share 30 Jun 2021 € 000s 30 Jun 2020 € 000s 181,433 176,216 13,022 ( 4,676 ) 21,991 ( 9,349 ) 66.3 % 74.6 % 25.7 % 28.4 % 92.0 % 103.0 % Cent Cent 55 1,137 ( 24 ) 1,035 • • • • Gross Written Premium ( GWP ) € 181m ( 2020 : € 176m ) , down 1 % excluding € 5m of pandemic related premium rebates ( € 1Im rebates in HI 2020 ) . Written policy count increased by 1.4 % . Underwriting profit of € 13m ( 2020 : loss of € 5m ) , equating to a HI COR of 92 % ( 2020 : 103 % ) , due to claims frequency reductions , benign weather and positive prior year reserve development of € 7m , offset by a € 13m provision for consequential payments following FSPO rulings on Business Interruption complaints . Positive investment returns of € 10m through the Income Statement ( 2020 : - € 3m ) offset by - € 5m through Other Comprehensive Income ( 2020 : - € 7m ) . These returns reflect a strong performance from risk assets with increasing yields impacting the valuation of our bond portfolios . Expense ratio of 25.7 % ( 2020 : 28.4 % ) , with reduction in expenses reflecting the absence of bonus payments in current year . • Net Asset Value per share 1,137 cent has increased from 1,095 cent at the end of 2020 . 1