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FBD Holdings PLC on Thursday said it expects a decline in profit for 2024, and anticipates being hurt by around €30 million in claims costs after stormy weather in January.
The Dublin-based insurer said it expects full-year pretax profit to be around €75 million, which would be ahead of market expectations, but down 7.7% from €81 million last year.
‘This is as a result of strong business growth during 2024, positive underwriting results and increased investment returns,’ said FBD.
FBD is due to release its full-year results on March 7.
FBD noted, however, that Storm Eowyn in January ‘led to a significant amount of snow related damage’, which has in turn led to related insurance claims.
The firm said: ‘While it is still too early to determine the total number and gross cost of claims from the weather events of January 2025, FBD’s reinsurance programme provides cover for extreme events and this will mitigate the financial impact to FBD.
‘As a result, the overall net cost (including reinstatement premium) for January 2025 weather is currently expected to be approximately €30 million.’
Shares in FBD were up 5.1% at €13.35 in Paris on Thursday.
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