The UK Supreme Court ruling expands the gross liability of UK insurers as it overturned the initial ruling on the trends clause. If a similar ruling is delivered in Ireland, the gross loss to FBD will be higher than previously expected but with a lower and manageable net loss impact due to re-insurance. A loss in the case may also delay any decision on dividend re-instatement throughout 2021 until settlements are substantially completed but should not overly detract from a business with a substantial capital buffer and attractive positions in its main markets.
Davy research
Davy ResearchAmryt Pharma - Fiscal year 2020 better across the board
Davy ResearchLufthansa - Restructuring and deleveraging will be a long and painful process
Davy ResearchVistry Group - Company makes very strong start to 2021
Davy ResearchMarket comment - Ireland’s unemployment rate steady at 5.8%
Davy ResearchEntain - Enters 2021 with good US momentum
Davy ResearchOrigin Enterprises - Controlling the controllables; cash flow the stand-out
Davy ResearchCairn Homes - FY results in line with guidance; no material changes likely to forecasts