Insurance company FBD Holdings has reported profits before tax of €54m for 2025, down from €77m the previous year as it was hit by costs from Storm Éowyn at the start of the year.
The company said that weather losses in 2025 were substantially higher than 2024, mainly due to Storm Éowyn - the largest weather event in FBD's history - last January, with a net cost to the company of €30.8m.
This compares to net costs of €15.9m in 2024 after Storm Isha and Storm Darragh.
FBD said its gross written premium (GWP) rose by 9% to €502m, while its insurance revenue increased by 10% to €487m.
Its average premium increased by 5.6% last year - 3.4% of which relates to customers increasing their level of insurance cover, it added.
FBD's private motor average premium increased by 5%, on the back of sustained inflation and increased claims frequency experience for motor damage in recent years.
It said its Home and Farm average premium increased by 7.7% and 9.7% respectively, largely due to indexation applied to property sums insured, as rebuilding costs continue to rise.
FBD noted that large injury claims - defined as a value greater than €250,000 - were in line with the average over the past 10 years.
The company reported policy count growth of 3.2% for last year across Farmer, Business and Retail sectors, and underpinned by consistently high retention rates.
Tomás Ó Midheach, FBD's group chief executive, said the early part of the year was particularly challenging, with severe weather events, most notably Storm Éowyn, the largest weather event in FBD's history.
He said this led to a significant increase in claims and had a real impact on FBD customers.
The CEO said that more than 9,000 claims were handled efficiently, highlighting the strength of the company's claims processes and its commitment to service and support.
"Despite these early challenges, the strong growth momentum of previous years carried through into 2025. Gross Written Premium (GWP) increased by 9% year on year," he said.
He noted that FBD's customer retention remains consistently high, underpinned by the strength of its nationwide branch network which provides trusted local advice and support to the communities it serves.
"This sustained growth over multiple years has taken us beyond €500m in GWP for the first time," he noted.
"FBD is profitable and growing and while we remain mindful of uncertainty in the external environment, we remain confident that our relationship-driven approach, supported by a digitally enabled and data-enriched organisation, will continue to deliver long-term value for our customers, shareholders and wider stakeholders," the CEO added.
Shares in the company moved higher in Dublin trade today.
