FBD has announced a €32m profit before tax, down from €39m in the same period last year, on gross written premiums of €226m which were up from €206m in the first half of 2023.

Insurance revenue increased by 9% to €213m.

A special dividend of 100c per share has been approved which the company say is “in line with our intention to move toward target capital based on risk appetite”.

FBD has over 4,500 policies in the farm sector, an increase in policy count of 4.3% and is the leading providers of farm insurance in Ireland.

It said the farm sector is performing well, delivering more than half the premium growth.

The average farm premium increased by 6.9% largely as a result of increases in property sums insured as rebuild costs continue to increase.

Claims

Overall gross incurred claims increased to €133.3m up from €114.7m in the same period last year. FBD said that this €18.6m increase reflects “increasing frequency and inflation in motor damage claims costs and weather.”

On insurance payouts, there was a big increase in property claim notifications which are up 29% year on year due to an increase in the number of storm claims in 2024.

The average cost of claims increased by 8% over the last 12 months. Motor damage claims notifications increased by 3% on the first half of 2023 with costs increasing by 8% reflecting the higher cost of repairs.