The major business events happening this week
For Your Diary: FBD and AIB results; Mobile World Congress; Irish unemployment rate;
The largest mobile industry get-together on the calendar, the Mobile World Congress, has been increasing its clout every year since its more humble beginnings in 1987. Photograph: Paul Hanna/Reuters
Indicators: Irish Consumer Confidence (Feb); UK Nationwide Housing Prices (Feb); Euro Area Economic Sentiment (Feb); Euro Area Industrial Sentiment (Feb).
Other: Mobile World Congress.
FBD looks set to return to profit
FBD is due to publish results, with progress made at the group virtually guaranteeing a return to profit for the 2017 financial year. The company has achieved its target underwriting profit in the fourth quarter of 2016.
In a note to investors, Davy said that delivering its target 10-12 per cent ROE will likely take longer.
The rating and claims environment will be key areas of focus against a backdrop of anticipated structural reforms, while pension developments may boost a 600c NAV forecast, Davy said.
There is little visibility in current trends outside personal motor and home lines, although FBD suggested at the interim stage that business rates had also been hardening.
Farm insurance rates (property, liability and vehicles) were lagging and FBD has cautioned its farm and agri-business customers will be affected to some, as yet uncertain, extent by Brexit.
Davy anticipates a more stable rating environment for 2017, driven by increased transparency and scrutiny of pricing in the market.
This was advocated by the Cost of Insurance Working Group’s recent report on motor insurance which is likely to exert pressure on insurers to pass a share of any benefits from structural reforms to customers.
Irish tech companies will be participating in the four-day Mobile World Congress (MWC) this week from Monday.
The largest mobile industry get-together on the calendar, the MWC has been increasing its clout every year since more humble beginnings in 1987. Last year more than 100,000 people walked its aisles.
Of more importance than numbers, though, are expectations: the congress typically debuts the year’s hottest smartphones, tablets and other connected devices. This week LG, Nokia, Sony and Huawei are among those expected to produce the goods.
In this ever-shifting landscape, the 2017 congress will explore the latest across 5G, artificial intelligence, the Internet of Things, robotics, digital commerce, disruptive technologies and drones.
Dave O’Flanagan of Irish travel start-up Boxever will give a keynote speech, as will Netflix founder Reed Hastings and Vice Media co-founder Shane Smith, among a who’s-who contingent of the mobile technology universe.
The MWC takes place at the Fira Gran Via in Barcelona, and this year organisers GSMA (Groupe Speciale Mobile Association) expect record numbers.
Indicators: Irish unemployment (Feb), UK Consumer Confidence (Feb), US GDP, US CB consumer confidence (Feb).
Indicators: Investec Manufacturing PMI, German unemployment (Feb), UK mortgage lending and approvals (Jan), German inflation (Feb), US ISM manufacturing (Feb) and construction spending (Jan).
Meetings: Family Business Conference (Helix DCU), Talent Summit 2017 (Convention Centre Dublin).
Indicators: Euro unemployment (Jan), Euro inflation (Feb), Euro Industrial producer prices (Jan), UK construction PMI (Feb), US unemployment (Feb).
Indicators: Investec Services PMI (Feb), UK services PMI (Feb), Euro retail trade (Jan), Euro service turnover (Q4, 2016), Euro retail sales (Jan), US ISM non-manufacturing PMI (Feb).