FBD talks up survival chances as first element of capital boost plan is passed by shareholders

Troubled insurance group FBD moved to calm investor fears yesterday by maintaining its confidence in returning to profitability by the end of next year.

At the first of two EGMs to approve emergency measures aimed at boosting its cash reserves, chief executive Fiona Muldoon admitted it will be difficult to return the business to full-year profitability, but reiterated her stance at the time of the group’s recent catastrophic interim results, by saying management remains confident of a return to quarterly profit by the last three months of 2016.

In August, FBD reported record first half pre-tax losses of €96m for the six months to the end of June.