Impact of Storm Éowyn sees FBD profits fall by 30%

Irish insurer FBD saw its profit fall notably last year after absorbing over €39m in net costs as a result of Storm Éowyn. Pre-tax profit dropped to €54m in 2025, down from €77m in the previous year, the company said on Friday. 

Irish insurer FBD saw its profit fall notably last year after absorbing over €39m in net costs as a result of Storm Éowyn.

The group's pre-tax profit dropped to €54m in 2025, down from €77m in the previous year, the company said on Friday. 

The Dublin-listed group’s result from insurance underwriting declined by 33% to just under €45m, while its return on investments fell by over 5% to €24.7m.

Despite growing costs feeding into profit, FBD plans to keep its dividend unchanged at €1 per share, or €36m in total, following on from a special dividend of 75c paid out in late last year. It also plans to spend up to €4m buying back its own shares in 2026.

The group's gross written premium increased by 9% last year to €501.7m, with its number of policies rising by over 3%. Meanwhile, its average premium is rising 5.6%. Much of the increase in premiums is related to customers increasing their level of insurance cover, the company said.

Average settlement costs for injury claims have increased by 4% compared to 2024, with pre-litigation settlement costs 6% higher. 

"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. This led to a significant increase in claims and had a real impact on our customers," said chief executive Tomás Ó Midheach.

However, the chief executive added: "Despite these early challenges, the strong growth momentum of previous years carried through into 2025. FBD continues to do more business with more customers than ever before.

“FBD is profitable and growing, and while we remain mindful of uncertainty in the external environment, we remain confident that our relationship-driven approach, will continue to deliver long-term value for our customers, shareholders and wider stakeholders."