FBD (EG7) H1 2026 earnings summary

Executive summary

• Profit before tax reached €43.5m for H1 2026, up from €17.1m in H1 2025, driven by strong underwriting and investment performance.

• Gross Written Premium (GWP) increased by 3.8% year-over-year to €258.4m, with growth across Farmer, Retail, and Direct Business sectors.

• Special dividend of 75c per share approved, reflecting robust capital generation and shareholder focus.

• Solvency Capital Ratio (SCR) stands at 203% post-dividend, well above risk appetite range.

• Combined operating ratio improved to 85.3% from 94.2%, supported by favourable weather and reserve development.

Financial highlights

• Net profit after tax for H1 2026 was €38.0m, up from €14.8m in H1 2025.

• Underwriting result improved to €37m from €14m in HY 2025, with reported Combined Operating Ratio (COR) at 85.3%.

• Investment return rose to €16.3m (HY 2025: €13m), supported by higher bond yields and risk asset gains.

• Earnings per share (EPS) increased to 106c from 41c year-over-year.

• Net Asset Value (NAV) rose to 1,335c per share.

Outlook and guidance

• Guidance maintained for full-year 2026 COR in the low 90s.

• Investment income from bond portfolios expected to rise as higher reinvestment rates take effect.

• Focus remains on dividend sustainability, customer-centric strategy, and digital enablement.

• Intention to move closer to target capital levels over time.