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FBD Holdings Annual Report 2018

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FBD Holdings Annual Report 2018 Protection. It’s in our nature. FBD Holdings plc Annual Report 2018 In the years report Strategic Report 1 FBD at a Glance 1 Financial Highlights 2 2018 in Pictures 3 Chairman's Statement 4 Review of Operations 8 Our Business Model 14 Our Strategy 16 Risk & Uncertainties Report 18 Corporate Social Responsibility 25 Corporate Information 29 Governance 32 Board of Directors 32 Report of the Directors 34 Corporate Governance 40 Report on Directors’ Remuneration 50 Directors’ Responsibilities Statement 59 Independent Auditors’ Report 60 Financial Statements 70 Consolidated Income Statement 70 Consolidated Statement of Comprehensive Income 71 Consolidated Statement of Financial Position 72 Consolidated Statement of Cash Flows 74 Consolidated Statement of Changes in Equity 75 Company Statement of Financial Position 76 Company Statement of Cash Flows 77 Company Statement of Changes in Equity 78 Notes to the Financial Statements 79 Other Information 138 Alternative Performance Measures 138 Letter from the Chairman in relation to the Annual General Meeting 140 Notice of Annual General Meeting 142 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION FBD at a Glance Established in the 1960s by farmers for farmers, FBD has built on those roots in agriculture to become a leading general insurer directly serving the needs of agricultural, small business and consumer customers throughout Ireland. 2018 Performance Highlights PROFIT BEFORE TAX COMBINED OPERATING RATIO GROSS WRITTEN PREMIUM €50m 81% €372m In line with €50m profit Improvement from 86% Stable vs €372m for 2017 in 2017 premium written in 2017 RETURN ON EQUITY PER SHARE DIVIDEND PROPOSED NET ASSET VALUE 15% 50c 818c Building on 17% ROE Increase vs 24c Increase from 784c for 2017 2017 dividend paid in 2017 For more information visit www.fbd.ie FBD Holdings plc Annual Report 2018 1 Financial Highlights 2018 2017 €000s €000s Gross premium written 371,504 372,459 Net premium earned 337,903 325,932 Profit for the financial year 42,383 42,696 2018 2017 Cent Cent Basic earnings per share 122 123 Diluted earnings per share 1121 1112 Net asset value per share 818 784 Ordinary dividend per share proposed 50 24 Ordinary dividend per share paid 24 - 1 Diluted earnings per share reflects the potential conversion of convertible debt up until the date of purchase and cancellation of the convertible debt and the potential vesting of the share based payments 2 Diluted earnings per share reflected the potential conversion of convertible debt and the potential vesting of share based payments Financial Calendar Preliminary announcement 27 February 2019 Dividend record date 12 April 2019 Annual General Meeting 10 May 2019 Dividend payment date 17 May 2019 2 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 2018 in Pictures National Ploughing Championship launch Cellcheck Awards launch Lessons for Leaders launch FBD Insurance sponsored show garden at Bloom Tullamore Show & FBD National Livestock show launch FBD Insurance stand at Bloom FBD Insurance continues it’s urban expansion Official sponsor to Ireland’s Olympic team with relocation of Cork office Women & Agriculture conference FBD Holdings plc Annual Report 2018 3 Chairman’s Statement Always keeping our customers at the heart of what we do GROUP PROFIT BEFORE TAX Performance I am pleased to report to you our excellent financial results for 2018 and in particular I am very pleased to propose a €50m doubling of our dividend payment to our shareholders. We 2017: €50m have reported a Group Profit before Tax of €50m and our Net 1% Asset Value (book value) per share grew to 818 cents. Our Solvency Capital Ratio continues to be very strong at 164%. Following a very strong 2017, 2018 has seen a continuation of excellent financial results for our business. This represents continued successful implementation of our NET ASSET VALUE PER SHARE strategy. We have strong underlying profitability and we are maintaining our underwriting discipline. 818c I would like to thank our loyal FBD staff for their immense contribution to these strong results in the face of stiff 2017: 784c competition. Their dedication to our customers and to great 4% customer service continues to be a key differentiator for FBD. It continues to be a source of pride for the Board and to generate confidence in our ability to grow successfully and carefully in the years ahead. PER SHARE DIVIDEND PROPOSED Ms. Orlagh Hunt and Mr. Dermot Browne have announced their intention not to stand for re-election at the AGM. I would like to thank Orlagh and Dermot for their valued 50c contribution and service over the past three years and wish 2017: 24c them continued success in the future. 108% 4 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION Fairfax Convertible Bond Team Ireland Sponsorship Since 2015 a Canadian company (Fairfax Financial Holdings In September we announced an exciting new major Ltd) has held a debt instrument in FBD that provided an sponsorship for FBD Insurance. We officially launched our option to convert to almost 20% ownership of our company sponsorship of Team Ireland as they begin their qualification from 23rd September 2018 at a share price of €8.50. journey with the Olympic Federation of Ireland towards participation in the 2020 Tokyo Olympic Games. In October we announced an agreement to purchase and cancel this investment, known as the Fairfax convertible This sponsorship will encompass all of the Olympic bond. This was a strong statement of strength for FBD. This Federation of Ireland’s activity, both in Ireland and transaction reinstates our independence and successfully internationally. This partnership is very exciting for both ends Fairfax’s investment in FBD. We funded this purchase FBD Insurance and the Olympic Federation of Ireland and through our own cash reserves and by issuing a smaller, shows our continued commitment to supporting and new €50m non-convertible bond with a lower interest rate. protecting all of the communities from which Ireland’s This new debt transaction is a key sign of our strength and Olympic heroes emerge. credit-worthiness. Our capital solvency levels remain in a very strong position and FBD is now very well positioned Local communities are the foundations of support that with confidence for the future. enable our Irish athletes to compete on the world stage. At FBD, we have a unique heritage of connection with our These two transactions were a key milestone for our local communities through our nationwide branches and business coming as they have only three years after we our direct customer relationships. As a truly local Irish needed a capital partner. A strong FBD benefits staff, insurer we are proud to partner with Team Ireland on what is customers and our loyal shareholders. In 2015, Fairfax was sure to be an exciting journey for Ireland’s talented athletes, required to stabilise FBD’s position and now, I am glad to say their coaches, their families and their communities as they we no longer need this help. Fairfax supported our business progress to the biggest sporting stage of all in 2020, the when it was needed and we wish them well. Tokyo Olympic Games. FBD Holdings plc Annual Report 2018 5 Chairman’s Statement (continued) This new major sponsorship joins the portfolio of our other Claims Environment national sponsorships including the National Ploughing The cost of injury claims remains a concern for Irish Championships and Bloom. As part of our strategy to customers. Two years ago FBD welcomed the Personal continue to protect and grow our rural customer base as Injuries Commission report. However we now urge the well as to enable continued growth in urban Ireland, this Government to implement its recommendations and other sponsorship of Team Ireland will provide a big platform for actions from the Cost of Insurance Working Group proposals FBD to further cement our local pride and commitment to without further delay. A more sustainable claims communities across Ireland. environment benefits all insurance customers particularly Irish farms and businesses. FBD continues to lobby to Our Heritage ensure that these proposals are implemented and will In 2018, FBD celebrated its 50th year in business. We have deliver for Irish farmers, businesses and consumers. a rich heritage, uniquely an Irish insurer, supporting and In the absence of implementation, all insurance customers protecting our farm, business and consumer customers. continue to bear the cost of significantly higher premiums With our nationwide branch network, we are active than those seen in other countries. participants in the communities we serve. FBD has stood the test of time and we are proud to be the only truly Irish Storm Emma insurance company operating in Ireland today. Storm Emma hit the country in March and caused Since our foundation, we have worked hard for our widespread damage. Our claims staff responded superbly to communities and customers, and are committed to help our impacted customers. This is what insurance is for ensuring that farmers, local businesses and communities and as always, we can be proud of our claims paying record. feel real economic and social benefits as a result of our business activities. FBD is a responsible member of the Dividend community. We set high standards for ourselves and insist The Board believes that it is in the long-term interest of all that all of our business activities are conducted lawfully stakeholders to maintain a strong solvency margin and it is and ethically. focused on ensuring that the Group’s capital position is robust and its financial position well managed. Farming is a hazardous occupation and the continuing rise in fatal accidents on farms is a cause for great concern. Following the excellent financial performance for 2018 the We continue to support initiatives that will make the family Board proposes to pay a dividend of 50 cent per share for the farm a safer place for all members of the family and for farm 2018 financial year.
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