FBD (EG7) H2 2025 earnings summary

Executive summary

• Profit before tax reached €54m, reflecting strong underwriting profitability and investment returns despite a €30.8m weather-related loss in January 2025.

• Gross Written Premium (GWP) grew 9% year-over-year to €502m, with policy count up by 18,000.

• Ordinary dividend of 100c per share proposed, with €4m allocated to share repurchase.

• Solvency Capital Ratio (SCR) stands at 201% post-dividend and share repurchase, well above the risk appetite range.

Financial highlights

• Underwriting result was €45m, down from €67m in 2024, mainly due to weather losses.

• Investment return was €25m (2024: €26m), with bond income rising as maturities were reinvested at higher yields.

• EPS was 130c, down from 186c in 2024; NAV per share at 1,320c.

• Combined Operating Ratio (COR) reported at 90.8% (2024: 84.9%), reflecting weather impact.

• Return on Equity was 10%, with a dividend yield of 11%.

Outlook and guidance

• Guidance for 2026 targets a COR in the low 90s.

• Focus remains on dividend sustainability and maintaining a strong capital position.