FBD Holdings - H1 results ahead; new CEO appointed

Davy Research
/Read Important Disclosures

H1 results are ahead of expectations through a stronger underwriting result. Premium performance and the solvency position were also stronger than indicated in the recent June trading update. Business interruption (BI) risk remains a key uncertainty, which FBD acknowledges, but a higher associated provision was offset by further prior-year reserve releases. The announcement of a new CEO is welcome. Tómas O’Midheach will join in February 2021 from AIB Group, where he has relinquished his COO and Deputy CEO positions.