FBD Holdings held its annual general meeting this week and released its annual accounts for 2020.
They show a drop in profit before tax of €5m before tax, down from €112m in 2019.
The big issue of the year was the high-profile legal dispute on pub policyholders with business interruption claims because of COVID-19, and the company has made provision for a net cost to the business of €65m after reinsurance.
FBD expects that final cost to become clear following a further court hearing in July and it is progressing its claim with the reinsurers.
It reports that gross written premium (GWP) is down 1%, excluding the impact of COVID-19 rebates.
This is reflected in average premiums being down 3% and private motor premiums down 5% in what FBD describes as a very competitive market.
FBD described motor and liability claims experience as “benign” in 2020 and it noted the absence of what it called “significant weather events” during the year.