FBD (EG7) H1 2025 earnings summary

Executive summary

• Profit before tax was €17.1m, down from €32.3m in H1 2024, with a combined operating ratio (COR) of 94.2%, reflecting strong underlying profitability despite significant weather-related claims in January 2025.

• Gross written premium grew 10% year-over-year to €249m, with policy count up by 10,500 and retention at 90%.

• Special dividend of 75c per share approved, with €4m allocated to share repurchase in H2 2025.

• Solvency capital ratio (SCR) at 202% post-dividend and buyback, well above target range, reflecting robust capital strength.

• High customer retention and policy growth, especially in the Farmer segment, underpin continued momentum.

Financial highlights

• Underwriting result was €14m, down from €26m in HY2024, mainly due to €30.6m net cost from January weather events.

• Investment return was €13m (HY2024: €15m), with bond income rising as maturities were reinvested at higher yields.

• EPS was 41c, down from 79c in HY2024; annualised ROE at 6% (HY2024: 12%).

• Net asset value per share increased to 1,308c.

• Insurance revenue was €235.1m, up 10.6% year-over-year.

Outlook and guidance

• Full-year 2025 combined operating ratio is expected in the low 90s, reflecting robust underlying profitability.

• Income from bond portfolios projected to rise as higher reinvestment yields take effect.

• Focus remains on dividend sustainability and capital strength.