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FDIInsuranced.a.c. · Dublin, Ireland
Green cliff-top pasture meeting the Atlantic at the Cliffs of Moher

Solvency reporting

Solvency & Financial Condition Report

Article 51 of Directive 2009/138/EC requires every European insurance undertaking to publish, once a year, a report on its solvency and financial condition. Ours is filed with the Central Bank of Ireland. This section carries 7 consecutive reporting periods, with the quantitative reporting template each number comes from — filed figures to 2024, and provisional management figures for the 2025 period still awaiting publication. Every filed report, 2019 to 2024, can be downloaded in full.

The 2025 position in detailLatest filed report (2024)

Cliffs of Moher, Co. Clare · Holger Uwe Schmitt, CC BY-SA 4.0

Position at 31 December 2025

The four numbers that matter

All amounts in thousands of GBP, on a Solvency II valuation basis. For the 2024 period the Board set a target SCR cover ratio of 163%, above a standing tolerance floor of 110%.

2025 — provisional

£16.9m

Eligible own funds to meet the SCR

S.23.01.01 R0540 — all unrestricted Tier 1

£9.73m

Solvency Capital Requirement

Standard formula, S.25.01.21 R0220

173.16%

Ratio of own funds to SCR

S.23.01.01 R0620

503.65%

Ratio of own funds to MCR

S.23.01.01 R0640

Provisional

2025 is not yet filed

Management figures for a reporting period whose Solvency & Financial Condition Report has not yet been published. They are prepared on the same Solvency II basis as the filed years and are subject to audit and to the Central Bank of Ireland filing. The most recent period with a published Solvency & Financial Condition Report is 2024, and every figure for 2024 and earlier on this page is reproduced from that filing or an earlier one — every one of those reports is linked below. The provisional period is shown hollow on the line chart and hatched on the bars.

Read the 2024 filed report

7-period record

Cover ratio and capital, 2019 to 2025

Own funds have risen in every one of these 7 periods. Cover was at its weakest in 2023, at 139%, not because capital fell but because the capital requirement rose faster — underwriting risk on a larger book. It recovered to 163% in 2024 as the requirement came back down and retained profit kept accumulating.

100%125%150%175%200%100%110%178%2019171%2020180%2021175%2022139%2023163%2024173%2025
Ratio of eligible own funds to the Solvency Capital Requirement (template S.23.01.01, row R0620). The dashed line is the Board’s own tolerance floor, not a regulatory minimum; the solid line at 100% is the Solvency Capital Requirement itself. Hollow markers on a dashed segment are provisional periods, not yet filed.
£14.6m£8.18m2019£14.7m£8.62m2020£14.8m£8.24m2021£14.9m£8.51m2022£15.3m£11.0m2023£16.2m£9.96m2024£16.9m£9.73m2025
Eligible own fundsSolvency Capital RequirementProvisional, not yet filed

As filed

Own funds, capital requirements and cover

Thousands of GBP. Each row is one reporting year; select a year to read the full report.

Sources: S.23.01.01 (own funds), S.25.01.21 (SCR), S.28.01.01 (MCR). Periods marked Filed are reproduced from a published report; 2025 is a provisional management figure. Components may not sum exactly to their totals because each figure is rounded to the nearest thousand.
Reporting yearBasisEligible own fundsSCRMCRSCR coverMCR cover
2025Provisional£16,857k£9,735k£3,317k173.16%503.65%
2024Filed£16,207k£9,956k£3,317k162.80%484.20%
2023Filed£15,332k£11,003k£3,495k139.35%433.87%
2022Filed£14,877k£8,511k£3,548k174.79%415.03%
2021Filed£14,800k£8,241k£3,109k179.59%471.65%
2020Filed£14,706k£8,622k£3,338k170.56%436.44%
2019Filed£14,575k£8,177k£3,187k178.24%453.32%
2025173% coverProvisional2024163% coverFiled2023139% coverFiled2022175% coverFiled2021180% coverFiled2020171% coverFiled2019178% coverFiled

Standard formula, 2025

Where the capital requirement comes from

The Solvency Capital Requirement is built module by module, then reduced by the diversification benefit that follows from holding uncorrelated risks together.

Market risk

£2.21m

Interest rate, currency and concentration on the deposit book

Counterparty default risk

£621k

Reinsurance recoverables and bank counterparties

Non-life underwriting risk

£8.56m

Premium, reserve and catastrophe risk on credit and suretyship

Life underwriting risk

—

Not applicable — non-life undertaking

Health underwriting risk

—

Not applicable

Intangible asset risk

—

No intangibles recognised

Diversification benefit

−£1.71m

Correlation credit across risk modules

From Basic SCR to SCR, 2025

Template S.25.01.21. Thousands of GBP. Components may not sum exactly to their totals because each figure is rounded to the nearest thousand.
ComponentAmount
Basic Solvency Capital Requirement£9,686k
Operational risk£49k
Loss-absorbing capacity of deferred taxes£0k
Capital add-ons already set£0k
Solvency Capital Requirement£9,735k

No capital add-on has been set by the Central Bank of Ireland, and no undertaking-specific parameters are used. The loss-absorbing capacity of technical provisions and of deferred taxes contributes nothing, which is a consequence of how simple the balance sheet is.

Report structure

What the report covers

The SFCR follows a prescribed structure. These are the five chapters and what each one is for.

A. Business and performance

What the company writes, where the risk is located, and what the underwriting and investment result was for the year.

  • A single Solvency II line of business: credit and suretyship insurance and proportional reinsurance.
  • Risk is located predominantly in the United Kingdom; none is written outside the EEA and UK.
  • Investment return arises from interest on short-term bank deposits, not from market exposure.
  • The Minimum Capital Requirement is driven by the absolute euro floor for the class rather than by the linear calculation.
  • Operating results have been positive with profits retained rather than distributed.

B. System of governance

The Board, its committees, the four key functions, and how fitness and probity is assessed.

  • A Board of Directors including non-executive directors, with an appointed Chairman.
  • Risk Management, Actuarial, Compliance and Internal Audit operate as the four key functions.
  • Fitness and probity is assessed on appointment and annually thereafter, per the Central Bank’s standards.
  • The Own Risk and Solvency Assessment is reviewed and approved by the Board each year.

C. Risk profile

The material risks, how they are measured, and the stresses applied to them.

  • Underwriting risk on the credit and suretyship book is the largest single module.
  • Market risk arises almost entirely from the deposit portfolio and from currency, as the company reports in sterling.
  • Counterparty default risk is limited to reinsurance recoverables and bank deposits.
  • No use is made of the matching adjustment, the volatility adjustment or any transitional measure.

D. Valuation for solvency purposes

How assets, technical provisions and other liabilities are valued for Solvency II against local GAAP.

  • The balance sheet is simple enough that Solvency II valuation requires no bespoke models.
  • Technical provisions comprise a best estimate plus a risk margin, discounted on the prescribed curve.
  • Deposits are carried at amounts recoverable; there are no equities, bonds or structured assets held.
  • Deferred tax is recognised on the difference between GAAP and solvency valuations.

E. Capital management

Own funds, their tiering, and compliance with the SCR and MCR throughout the year.

  • Own funds are almost entirely unrestricted Tier 1 — ordinary share capital and the reconciliation reserve — with a small Tier 3 item for the net deferred tax asset.
  • The Solvency Capital Requirement is calculated on the standard formula, with no undertaking-specific parameters and no simplifications.
  • The Board sets an SCR cover target each year and holds a tolerance floor of 110% beneath it.
  • There was no period of non-compliance with either the SCR or the MCR during the reporting period.

Download

The documents behind these figures

Every report behind this section, hosted here in full. Our own 2024 filing sits alongside the annual disclosure of the Central Bank of Ireland, which sets out the same quantitative templates for every undertaking it authorises — ours among them — so the numbers on this page can be checked against the market rather than taken on trust. Every filing from 2019 to 2024 is listed below them.

Our filingYear ended 31 December 2024

Solvency & Financial Condition Report 2024

FDI Insurance DAC

The full report required by Article 51 of Directive 2009/138/EC: business and performance, system of governance, risk profile, valuation for solvency purposes and capital management, with the quantitative reporting templates behind each figure.

Amounts in sterling, the company’s reporting currency. Published by FDI Insurance d.a.c., published through the Central Bank of Ireland.

Download PDF51 pages · 703 KB
Industry-wide1 January to 31 December 2024

Solvency II public disclosure 2024

Every Solvency II undertaking authorised in Ireland

The Central Bank’s annual publication of individual undertaking figures drawn from the quantitative reporting templates — balance sheet, premiums and claims, technical provisions, own funds, SCR and MCR — for every solo undertaking it authorises. FDI Insurance DAC appears in each table alongside the rest of the market.

Amounts in euro thousands, converted at the ECB rate for the reporting date, from data held at 1 October 2025. Published by Central Bank of Ireland.

Download PDF47 pages · 1.3 MB

Every filed period

Each file is the report as published, in sterling. The Board’s own cover target moved over the period — 125% from 2019 to 2022, 139% for 2023 and 163% for 2024 — so a target quoted on one year’s page belongs to that year and not to the series.

Primary sources

The filings themselves

FDI Insurance d.a.c. publishes its reports through the Central Bank of Ireland. Nothing in this section is an interpretation: it is the filed figure, with its template reference.