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FBD Falls Most in Five Years as Forecast Is Reduced

FBD Holdings Plc fell the most in more than five years after the Irish insurer cut its full-year earnings forecast amid a rise in motor claims and increased estimates of bad-weather costs during the winter.

FBD dropped as much as 8.8 percent, the most since March 2009, in Dublin trading and was down 7.3 percent at 15.24 euros at 10:30 a.m., giving the company a market value of 526 million euros ($715 million).

The company cut its 2014 operating earnings forecast to between 70 cents and 80 cents a share from 1.20 euros to 1.30 euros, which it had affirmed seven weeks ago. FBD estimates that increased motor and weather-related claims will cost it 16 million euros this year, the company said in a statement today.

“FBD’s claims-driven warning is very disappointing on the back of a solid end-April interim management statement,” Emer Lang, an analyst with Dublin-based Davy, who rates the stock outperform, wrote in a note to clients. She said she plans to cut her 124.8-cent full-year EPS estimate for the company by about 50 cents.

FBD, which is almost 25 percent owned by Farmer Business Developments Plc, a holding company belonging to Irish farmers, said it will continue to monitor claims “to ensure that risks are adequately priced and take further action if necessary.”

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