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Xmas storms to cost FBD extra E5m

Friday, January 03 12:46:44

The violent storms that hit the country just before and after Christmas will cost FBD between E4m and E5m in additional claims, the insurer said today.

The company has updated its November interim management statement to take account of both the cost of the storms which affected Ireland between 19 and 31 December 2013 and a stronger than anticipated investment performance. FBD's earlier guidance was calculated on the assumption that large claims revert to norm and that there would be no exceptional weather events during the remainder of the year.

Ireland experienced storm force and, in certain areas, hurricane force winds between 19 and 31 December 2013. It estimates that these storms will cost between E4 million and E5 million net of reinsurance, reducing both basic and operating earnings per share by between 10 cent and 13 cent.

On a more positive note, FBD's investment returns for the year as a whole were better than anticipated at the time of the preparation of the IMS due to a strong performance in the Group's equity book through to the end of the year. Overall, the Group expects to achieve market expectations for profit before taxation and for basic earnings per share. The Group is guiding full year operating earnings per share in the range of 135 to 140 cent. FBD said it will provide detailed commentary as part of its Preliminary Results Announcement for the year ended 31 December 2013 which is scheduled for release on 3 March 2014.