FBD pre-tax profits soar over 150% as expenses drop

FBD's total insurance service expenses fell 26.6% from just under €257m in the first half of 2025 to €188.55m to the end of June. File picture

Insurance company FBD Holdings pre-tax profits surged nearly 153% during the first six months of the year as insurance service expenses fell significantly, the company’s latest results show.

In the first six months of the year, FBD generated €253m in insurance revenue, up from the €235m recorded during the same period last year. Its pre-tax profits hit €43m, up from €17m year-on-year.

It’s total insurance service expenses fell 26.6% from just under €257m in the first half of 2025 to €188.55m to the end of June. The higher insurance expenses last year was driven in part by Storm Éowyn which hit the country in January.

According to FBD, weather experience to date in 2026 was more favourable compared with the previous year, which included the “significant weather events of January 2025 with a net cost of €30.8m”.

In its motor insurance division, it said that claim severity increased during the first half of 2026, with a higher “incidence of vehicle write-offs, driven by the growing prevalence of advanced vehicle technologies and increasingly complex repair methodologies”.

"In addition, the first half of 2026 saw a higher proportion of injury claim settlements resolved at Circuit Court level. We have also seen a reduction in pre-litigation costs. Together, these factors are contributing to signs of stabilisation in average injury settlement costs compared with financial year 2025”.

Chief executive of the company Tomás Ó Midheach said the company is “pleased” with the “strong performance” during this period and looking into the rest of the year “we remain focused on maintaining our momentum”.

“FBD continues to be profitable and growing, 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 and all of our stakeholders.” 

The company said it saw growth in its gross written premiums across farming, retail and direct business sectors. Farmer gross written premiums were €9m higher while “both retail and direct business are performing well in a competitive environment”, the company said.

Overall average premiums increased by 3.4% compared to the same period last year, comprising a 2.5% increase relating to increased liability and property coverage.

Private motor average premium increased by 1.8%, reflecting inflationary pressures. Farm and home average premiums increased by 7.0% and 5.0%, respectively. The board of FBD also approved a special dividend of 75c per ordinary share.