FBD first half profits fall almost 50% due to storm claims
The company reported profits before tax of €17 million, down from €32 million.
Tomás Ó Midheach, Group Chief Executive of FBD said the first half of the year was not without challenge.
"Severe weather events, including heavy snowfall in January and Storm Éowyn led to a significant surge in claims activity," he explained.
"It is during these times that our customers rely on us the most.
"As of today, circa 90% of the weather-related claims have been resolved with the remainder progressing towards finalisation," he added.
The company expects the January weather events to have a net cost of €30.6m.
Today's results show that insurance revenue increased by 11% to €235m in the first six months of the year, with gross written premium (GWP) increasing by 10% to €249m.
"Maintaining a strong capital position while delivering sustainable dividends continues to be one of our key goals," said Mr Ó Midheach.
"We are very pleased to confirm our Board have approved a special dividend of 75 cent per ordinary share.
"Our Solvency Capital ratio of 202%, which, after distributions, remains in excess of our target risk appetite, reflects the financial strength and stability of our business," he added.
Looking ahead to the second half of 2025, Mr Ó Midheach said the company is focused on maintaining its momentum.
"While mindful of ongoing uncertainties in the external environment, we are confident that our relationship driven approach, supported by a digitally enabled, data enriched organisation will continue to deliver long-term value for our customers and stakeholders alike," he added.
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