FBD ‘closer’ to 50% dividend target

FBD’s management has said it is getting closer to its stated goal of delivering shareholders a dividend of up to 50% of annual earnings per share and claims the group can continue to outperform its peers.

As expected, an increase in large claims — particularly during the first quarter of 2013 — affected the insurance giant’s first-half profitability; its interim figures, which were published yesterday, showing a €4m year-on-year drop in operating profit to €24.1m.

Pre-tax profit was down by nearly 13% to just over €19m. Operating earnings per share dropped from 74c to 63c, with gross written premium marginally up on the same period last year, at just under €176m.