Premium cuts help push FBD profits up

FBD’s insurance premium cuts helped push pre-tax profits up 315% to a record €104.56m for 2003 (from €25.17m in 2002) and the company says it will give customers more reductions in 2004.

FBD Holdings, the largest Irish-owned provider of property and casualty, life, commercial, and health insurance in Ireland yesterday reported profits, for the year ended December 31, 2003, well ahead of expectations.

FBD chief executive Philip Fitzsimons said 2003 was a very good year for FBD shareholders and FBD customers. “The underwriting loss trend of previous years was reversed and the turnaround to profit enabled significant premium reductions to be given to a wide range of policyholders. This will result in annual savings in excess of €30m for customers.