FBD sees profit fall as expenses surge by more than €37m

Group said increasing frequency and inflation in motor damage claims costs and weather contributed to the matter, with motor damage settlements increasing by 10 % year-on-year

FBD Insurance, South Mall, Cork. Picture Denis Minihane.

FBD Insurance saw profits drop by more than €7m in the first six months of this year, with a rise in written premiums offset by a surge in insurance service expenses.

Publishing its half-year results on Friday, FBD posted a pre-tax profit of €32m in the first half of this year, down from €39m in the same period in 2023.