After the turmoil in the insurance market with the demise of both Quinn and Setanta, the FBD Holdings AGM went off smoothly on Tuesday.

A well-attended meeting of shareholders was told by chairman Michael Berkery and chief executive Andrew Langford that with an Irish market share of 13.5%, it had achieved its record penetration of the Irish market.

With a strong increase in share price over the last five years and a dividend increase of 16% to 49c per share for the full year, there were no complaints.

Andrew Langford told the shareholders that while he was open to giving consideration to expanding into, for example, Northern Ireland, FBD’s primary focus was on expanding organically within the Republic of Ireland.

Farmers and private business continue to account for 69% of premium income. The group has invested heavily in technology over the last number of years and this has resulted in the most favourable ratio of cost/premium in the Irish market.