FBD Holdings has recorded a drop in profits for 2025, with profits before tax for the year of around €54 million.

This is down some €23 million on the €77 million recorded for 2024.

Gross written premium for the year stood at almost €502 million, up on the €460 million for 2024.

The business said this reflected growth in all sectors, with the farming sector contributing two-thirds of the increase.

Insurance revenue was also up, increasing from €441 million to €486 million.

The underwriting result for 2025 was €44.8 million, a decrease of over €20 million on the 2024 figure of €66.6 million.

FBD Holdings said that the decrease here reflects the "poor weather experience" in January 2025.

FBD Holdings said that it is proposing and ordinary share dividend of 100c/share.

Policy count increased by 3.2% across farm, business and retail sectors, which the business said was underpinned by "consistently high" retention rates.

Average premium increased by 5.6%, 3.4% of which relates to customers increasing their level of insurance cover.

The business said that the combined operating ratio (COR) of 90.8% reflected "strong underwriting profitability", impacted bythe weather in January 2025, with a net cost of €30.8 million.

FBD Holdings said it saw a positive investment portfolio return of 2.8% (€33 million).

The business has allocated €4 million for a potential share repurchase in 2026.

The business said its capital position is strong, with a solvency capital ratio of 201% after allowing for the proposed ordinary share dividend and share repurchase.

FBD Holdings' basic earnings per share for 2025 was 130c, down from 186c in 2024.

Net asset value per share for last year was 1,320c, down from 1,345c at the end of 2024. The business said that this was in line with the strategy to make distributions to shareholders.

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

The business also experienced an increase in third-party motor damage in 2025, across both private and commercial motor.

New Property claims notifications in 2025 increased substantially compared to 2024 due to the storms in January 2025.

There was also an increase in the number of fire claims in 2025 compared to 2024.

Net of reinsurance, weather losses in 2025 were substantially higher than 2024, again because of the weather in January 2025, with a net cost to FBD across the year of €30.8 million, compared to a net cost in 2024 of €15.9 million.

Commenting on these results, Tomás Ó Midheach, group chief executive of FBD Holdings, said: "We are pleased to announce a strong full-year performance for FBD in 2025.

"These results reflect the resilience of our business, the success of our customer-focused strategy and the work of our employees right across FBD," he added.

Ó Midheach 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.

"This led to a significant increase in claims and had a real impact on our customers. I am proud of how our teams responded, supporting our customers when they needed us most," he added.