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FBD HOLDINGS PLC
Annual Report 2025

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 2 |

FBD / AT A GLANCE
Established in the 1960s by farmers for
farmers, FBD has built on its roots in
agriculture to become a leading general
insurer serving the needs of farmers,
businesses and retail customers. With 34
offices throughout Ireland and a multichannel
distribution strategy, we are never far away
and always ready to support our customers.
2025 PERFORMANCE HIGHLIGHTS
Profit
Before Tax
€54.2m
(2024: €77.1m)
Insurance
Revenue
€487m
(2024: €441m)
Earnings
Per Share
130c
(2024: 186c)
Combined
Operating Ratio 1
90.8%
(2024: 84.9%)
Return
On Equity 1
10%
(2024: 14%)
Net Asset
Value Per Share 1
1,320c
(2024: 1,346c)
1 Further information on these measures is found in Alternative Performance Metrics on pages 295 to 301.

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 3 |

| IN THIS REPORT |
| Management's Review | 4
| Financial Highlights | 5
| Chair's Statement | 6
| Review of Operations | 9
| Our Business Model | 16
| Our Strategy | 17
| Risk & Uncertainties Report | 18
| Governance | 28
| Board of Directors | 28
| Corporate Information | 34
| Report of the Directors | 35
| Corporate Governance | 44
| Nomination and Governance Report | 73
| Report on Directors’ Remuneration | 80
| Directors’ Responsibilities Statement | 103
| Sustainability Statement | 104
| General | 105
| Statement of Directors' Responsibilities for Sustainability Statement | 105
| ESRS 2 General disclosures | 108
| Environmental | 134
| ESRS E1 Climate Change | 134
| EU Taxonomy Regulation | 148
| Social | 154
| ESRS S1 Own Workforce | 154
| ESRS S4 Consumers and end-users | 165
| Entity-Specific: Farm Safety | 169
| Governance | 173
| ESRS G1 Business Conduct | 173
| Entity-Specific: Cybersecurity | 178
| Appendix | 180
| Independent practitioners’ limited assurance report | 189
| Funding Backing Donating | 193
| Financial Statements | 199
| Independent Auditors’ Report | 200
| Consolidated Income Statement | 209
| Consolidated Statement of Comprehensive Income | 210
| Consolidated Statement of Financial Position | 211
| Consolidated Statement of Cash Flows | 213
| Consolidated Statement of Changes in Equity | 214
| Company Statement of Financial Position | 215
| Company Statement of Cash Flows | 216
| Company Statement of Changes in Equity | 217
| Notes to the Financial Statements | 218
| Other Information | 295
| Alternative performance measures | 295

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 4 |

MANAGEMENT'S
REVIEW

In this section: |
Financial Highlights | 5
Chair's Statement | 6
Review of Operations | 9
Our Business Model | 16
Our Strategy | 17
Risk & Uncertainties Report | 18
Governance | 28
Board of Directors | 28
Corporate Information | 34
Report of the Directors | 35
Corporate Governance | 44
Nomination and Governance Report | 73
Report on Directors’ Remuneration | 80
Directors’ Responsibilities Statement | 103

PICTURED: DINGLE CRYSTAL,
FBD BUSINESS INSURANCE CUSTOMER
Part of FBD's Support Local Business Campaign

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 5 |

Financial Highlights

| 2025 | 2024
| €000s | €000s
Insurance revenue | 486,751 | 441,005
Profit before tax | 54,156 | 77,065
Gross written premium 3 | 501,746 | 460,219
Underwriting result 3 | 44,853 | 66,601
| 2025 | 2024
| Cent | Cent
Basic earnings per share | 130 | 186
Diluted earnings per share 1 | 127 | 183
Net asset value per share 3 | 1,320 | 1,346
Ordinary dividend per share proposed | 100 | 100
Ordinary dividend per share paid 4 | 100 | 100
Special dividend per share paid | 75 | 100
| 2025 | 2024
| % | %
Combined operating ratio 2,3 | 90.8% | 84.9%
Return on equity 3 | 10% | 14%

1 Diluted earnings per share reflects the potential vesting of share-based payments.
2 Combined operating ratio includes discounting.
3 Further information on measures referred to in our Financial Highlights is found in Alternative Performance Measures on pages 295 to 301 .
4 Ordinary dividend per share paid for previous financial year.

| Financial Calendar |  |
| 2025 Results Announcement | 6 March 2026 |
| Dividend record date | 24 April 2026 |
| Annual General Meeting | 7 May 2026 |
| Dividend payment date | 29 May 2026 |

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 6 |

Chair's Statement
“I am pleased to report that
FBD Group has delivered
another strong performance
in 2025, with a proposed
ordinary dividend payment
to our shareholders of
100 cent per share.”
Jim Bergin
Chair
Dear Shareholder,
PERFORMANCE
I am pleased to report that FBD Group ("Group" or
"FBD") has delivered another strong performance in
2025, with a proposed ordinary dividend payment to our
shareholders of 100 cent per share.
We have recorded a Group Profit Before Tax of €54m for
2025. Our Net Asset Value per share is 1,320 cent, after
the payment of both ordinary and special dividends of
100c and 75c in 2025. T his result was supported by a
robust underwriting performance after the impact of
January 2025 weather, strong investment returns and
reflects the targeted growth being delivered under our
strategy. It is a testament to the dedication and focus
of our Executive Ma nagement Team and our employees.
CUSTOMERS
2025 saw another year of growth across each customer
sector, with 18,000 policies added overall. Our Farmer
sector saw a further increase in the average number of
policies held, with over 10,000 more policies than this
time last year. This is a strong reflection of our customer
focused strategy.
At FBD, a core component of our strategy is to build and
maintain long-term relationships with our customers.
These relationships are rooted in providing our
customers with a proposition and service that is of value
to them. Our continued success in this regard is
evidenced through our strong retention rates which
have remained consistently high in 2025.
The January 2025 weather losses, storm Éowyn in
particular, had a devastating impact on the country,
with record-breaking wind gusts recorded, and many of
our c ustomers were left without electricity. Our Claims
and Sales functions mobilised ahead of the storm and
kept our customers informed across all communication
channels. Customer calls and claims were prioritised
with additional employees providing support. The
majority of these claims have now been settled and it is
especially pleasing that our customers were protected
following our Inflation Protection campaign, which ran
from 2023.
It was with great honour that FBD won the CSR/
Community/Green Loyalty Programme at the prestigious
Irish Loyalty and CX Awards, for the second year in a
row. The Irish Loyalty and CX Awards recognise
excellence, innovation and achievement in loyalty and
customer experience for Irish companies. This award is
an acknowledgement of the level of our support across
several community initiatives including our local an d
national sponsorship portfolio. The award is a terrific
acknowledgement of all the hard work carried out by
our employees.

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 7 |

BOARD OF DIRECTORS
I wish to record my own and the Board's appreciation of
Liam Herlihy, our former Chair, and Mary Brennan, our
former Independent Non-Executive Director, who both
stepped down in August. Mary served on the Board of
FBD for nine years, we thank her for her contribution to
FBD. I succeeded Liam in the role of Chair of the Board
and I would like to express my gratitude for the support
he provided to me, ensuring a smooth transition. Liam
served on the Board of FBD for over nine years and
made a huge contribution over this time. We welcomed
three new Independent Non-Executive Directors to the
Board over 2025, Colm McGrattan, Paul Stanley and
Silvia Milián Bon. Together they bring vast experience
and knowledge to the Board and we wish them well in
their roles.
FBD remains committed to ensuring that it has a high-
performing Board, which is equipped to anticipate, meet
and overcome future challenges and risks and to ensure
alignment with the Group’s long-term strategy. Further
details of the external 2025 Board Effectiveness and
Performance Evaluation carried out by Board Excellence
are set out in the Nomination and Governance Report. In
2025, Members of our Board and Executive
Management Team again took to the road for customer
site visits. We value the importance of understanding
our customers' needs which enables us to provide them
with products more suitable to them.
SUSTAINABILITY
FBD was part of the first wave of organisations to report
under the Corporate Sustainability Reporting Directive
(CSRD) last year and are delighted to be reporting again
for 2025. This is a great showcase for all the
Environmental, Social and Governance (ESG) activities
FBD undertake year after year. The Group's
Sustainability Committee implements the Board
approved ESG strategy, and significant progress has
been made this year.
Fol lowing on from our commitment to the Teagasc
facility in Moorepark, Fermoy, I was delighted to attend
the sod-turning ceremony at The Padraig Walshe Centre
for Sustainable Animal and Grassland Research in
February 202 6. In 2024, FBD and University College
Dublin announced a major Corporate Advocacy
Initiative, an investment in a new agricultural science
centre at UCD Lyons Farm. Our contribution of €1.5
million will go towards construction of the new centre.
Planning permission has been granted and the project is
currently at an advanced stage of detailed design.
Construction is expected to commence in summer 2026.
These investments highlight our commitment to
supporting Ireland’s farming communities, education,
agriculture as a whole and the food industry.
We are proud to continue our support of farm
succession management and the next generation of
farm leaders and innovators through our partnerships
with Teagasc, UCD, Nuffield, and the Agriculture
Science Association. The first female winner of the FBD
Young Farmer of the Year was announced in September.
Congratulations to Aileen Sheehan, a dairy farmer from
Cork, on her milestone achievement. 2025 also saw the
second year of the Teagasc / FBD Environmental
Sustainability Awards which recognised farmers who are
operating sustainable, profitable farming systems, whilst
incorporating the latest scientific developments and
technologies on their farms. This year's winners
showcased the great work being done on farms around
the country in areas such as biodiversity, greenhouse
gas emissions, soil health, and in the case of our overall
winner Don Somers, improving water quality.
FBD became a signatory of the UN Principles for
Sustainable Insurance i n 2024. We continue to embed
the UN Principles for Sustainable Insurance in our
business and report on progress in implementing them.
As we know, farming is a high-risk industry which
presents many challenges. F BD’s Farm Safety campaigns,
including our commitment to the Farm Safety
Partnership aim to encourage farmers to make small but
meaningful changes to their working behaviour, FBD
completes this through seminars, communications,
signage, mart awareness, training as well as live events
at shows up and down the country. In July, members of
our Leadership Team appeared before the Oireachtas
Joint Committee on Agriculture and Food to discuss
farm health and safety. We welcomed the Committee's
invitation and will continue to promote practical steps,
from education to risk assessment, to tackle farm safety
issues in Ireland.
The National Ploughing Championships in Screggan was
a great success in September. The FBD Leadership Team
and our people are always well represented at events
such as this, the Tullamore Show and Moorepark Open
Day amongst others, as they are a great opportunity to
engage with our customers.
At FBD, we believe that an inclusive, diverse, and
equitable workforce is critical for the success of our
organisation and were delighted to retain our Gold
accreditation for Investors in Diversity, through the Irish
Centre for Diversity. We will continue to build and
maintain our inclusive organisation and implement
measures to address our gender pay gap. FBD is a
committed signatory of the Women in Finance Charter,
partner with industry initiatives such as VOiCE for
Insurance, and we are committed to maintaining gender
balance Board representation in line with our target.
More details can be found in the Board Diversity section
of the Nomination and Governance Report.
Further details on all our activity can be found under our
Sustainability Statement later in the Annual Report.
CAPITAL / DIVIDEND
The Board has set a Dividend Policy that aligns with its
belief that it is in the long-term interest of all

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 8 |

stakeholders to focus on annual dividend sustainability
while maintaining a robust capital position.
In light of the strong financial performance for 2025 the
Board proposes an ordinary dividend of 100 cent per
share. This follows a special dividend of 75 cent per
share declared in August 2025. It reflects our continuing
confidence in the underlying profitability and future
prospects of the Group. Our capital position remains
strong with a Solvency Capital Requirement ("SCR")
Ratio of 201% (unaudited) at 31 December 2025, after
ordinary dividend a nd share repurchase (2024: 197%).
CONCLUSION
Our customer focused strategy, leveraging technology
and the strength of our people to deliver profitable
growth has been the foundation that has enabled us to
deliver positive outcomes during 2025. I look forward to
working with my Board colleagues and the Leadership
Team to develop the next phase of our customer
focused strategy during 2026.
I would like to thank my colleagues on the Board for
their continued support, expert guidance, and hard work
since I've assumed the role of Chair. I would also like to
thank our growing number of loyal customers, we
welcome the opportunity to repay your trust and
confidence in FBD for many years to come.
With Best Regards.
JIM BERGIN
Chair
5 March 2026

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 9 |

Review of Operations
“We are pleased to announce a
strong performance for 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.”
Tomás Ó Midheach
Group Chief Executive Officer
OVERVIEW
The Group has reported a profit before tax of €54.2m
(2024: €77.1m) reflecting a robust underwriting result
following the poor weather experience in January 2025,
with a net cost to FBD of €30.8m.
OPERATING PERFORMANCE
Insurance Revenue
Insurance revenue is 10.4% higher than 2024 at €486.8m
(2024: €441.0m). Gross written premium is the largest
part of Insurance revenue and is 9.0% higher than 2024
at €501.7m (2024: €460.2m) with growth evident across
all our sectors and products. Policy count growth was
3.2% across Farmer, Business and Retail sectors, with
more than half of the growth coming from the Farmer
sector. We are seeing strong acquisition and retention
relating to our Home insurance offering across both
Direct and Partnership channels with a 6.0% growth in
policy count. Retention rates remain consistently high
across the business, particularly with relationship
customers.
Average premium increased by 5.6% across the
portfolio, 3.4% of which relates to customers increasing
their level of insurance cover, and some rate applied
reflecting inflationary impacts. Private Motor average
premium increased by 5.0%, driven by sustained inflation
and increased claims frequency experience for Motor
Damage in recent years. Home and Farm average
premium increased by 7.7% and 9.7% respectively,
largely due to indexation applied to property sums
insured, as rebuilding costs continue to rise.
Insurance Service Expenses
Insurance service expenses (ISE) increased by €149.8m
to €428.3m (2024: €278.5m). The table below splits the
ISE into gross incurred claims (before reinsurance
recoveries), changes that relate to past service and
insurance acquisition expenses. The gross incurred
claims increased by €105.3m reflecting the poor
weather experience in January 2025 with an
approximate gross cost of €100m, and an observed
increase in injury awards for more recent accident years.
Changes that relate to past service decreased by
€35.4m, mainly reflecting reduced favourable prior year
reserve movements, gross of reinsurance, compared to
2024. Insurance acquisition expenses of €93.8m form
part of the ISE and are referenced below under the
Expenses section.

Insurance Service Expenses | 2025 | 2024
€000s | €000s
Gross incurred claims | (372,016) | (266,747)
Changes that relate to past service | 37,495 | 72,928
Insurance acquisition expenses | (93,804) | (84,633)
Total Insurance service expenses | (428,325) | (278,452)

Claims Trends
Average settlement costs for injury claims have
increased by 4% compared to 2024, with pre-litigation
settlement costs 6% higher. We have experienced
increases in third-party Motor Damage costs in 2025,
across both Private and Commercial Motor.
New Property claims notifications in 2025 increased
substantially compared to 2024 due to the January

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 10 |

2025 weather events. Attritional Property severity is
higher in 2025 due to an increased number of fire claims
compared to 2024.
Weather and Large Claims
Net of reinsurance, weather losses in 2025 were
substantially higher than 2024. This was primarily driven
by the January 2025 weather events with a net cost to
FBD of €30.8m. Comparably for 2024 there were two
storm events, Storm Isha and Storm Darragh, with a net
cost to FBD of €15.9m.
Large injury claims, defined as a value greater than
€250,000, notified to date in 2025, are in line with the
average over the past 10 years.
Expenses
The Group’s expense ratio is 27.6% (2024: 27.8%).
Insurance acquisition expenses and non-attributable
expenses are combined to calculate the total expense
cost of €134.4m (2024: €122.4m). The year on year
increase reflects inflationary impacts on employee costs,
additional spend on marketing promotional strategies
and required regulatory related expenses. The expense
ratio has shown a small reduction due to growth in
insurance revenue.
Reinsurance
For 2025, the net income from reinsurance contracts
held increased by €85.7m to €34.2m due to increased
reinsurance recoveries this year primarily due to the
January 2025 weather events. There has also been a
small reduction in reinsurance premium compared to
2024 reflecting improved reinsurance rates agreed for
2025.
The reinsurance programme for 2026 was successfully
placed, with a reduction in Casualty reinsurance rates
and a minor rate increase applied to Property
reinsurance. There was a small increase in retention at
the lower end of the Property Catastrophe programme.
This is a positive result, acknowledging the loss activity
in January 2025, the exposure growth in our Property
lines and increased overall cover under the Catastrophe
structure.
Combined Operating Ratio (COR)
The Group generated an underwriting profit of €44.9m
(2024: €66.6m) which translates to a Combined
Operating Ratio (COR) of 90.8% (2024: 84.9%). The
undiscounted Combined Operating Ratio (COR) was
92.9% (2024: 86.7%). The increase in COR is primarily
due to the January 2025 weather losses.
Other Provision Charges
Other provision charges of €7.2m included in the Income
Statement (2024: €6.7m), is made up of Motor Insurers'
Bureau of Ireland (MIBI) levy, net of small reductions in
previous provisions. Since 1 January 2025 there has
been no requirement to further contribute to the Motor
Insurers Insolvency Compensation Fund (MIICF).
Investment Return
FBD’s total investment return for 2025 is 2.8% (2024:
4.0%). The investment return recognised in the Income
Statement is 2.1% (2024: 2.3%) and in the Statement of
Other Comprehensive Income (OCI) is 0.7% (2024: 1.7%).
Income Statement returns from the bond portfolios
increased in 2025 as maturities continue to be
reinvested at higher interest rates. Some realised losses
were incurred on bonds sold to enhance longer-term
income, with the additional income outweighing the
realised losses over the full year. Cash returns have
moderated as the European Central Bank (ECB) cut
interest rates four times in 2025. These rate cuts have
expedited the pull-to-par effect, which, along with
tightening credit spreads, offset a rise in portfolio
interest rates in the second half of the year, and
resulted in an overall positive OCI return. Risk assets
contributed €8.0m to the overall Income Statement
return, a decrease on prior year due to a combination of
a lower allocation and a lower percentage return. There
was a positive performance across all risk asset funds,
with equity outperformance being a major contributor,
and private markets funds continuing to generate strong
returns.
Financial Services and Other Group Activities
The Group's financial services operation recorded
commission income of €2.6m (2024: €3.7m). Expenses
relating to financial services and other group activities
of €8.5m are €2.6m lower compared to 2024, the
reduction partly due to higher one-off costs associated
with the 2024 implementation of CSRD reporting.
STATEMENT OF FINANCIAL
POSITION
IFRS Capital Position
Ordinary shareholders’ funds at 31 December 2025
amounted to €474.4m (31 December 2024: €483.2m).
The decrease in shareholders’ funds is driven by the
following:
• payment of the ordinary and preference dividends of
€36.5m related to the 2024 financial year, and
special dividend payment of €27.2m, totalling
€63.7m;
• repurchase of own shares of €4.0m;
Offset by:
• Profit after tax for the year of €47.2m;
• OCI pr ofit after tax for the year of €4.7m made
up of:
• mark to market gains on Bond portfolios of
€7.9m;
1 CBI Quarterly Bulletin No.4 2025

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 11 |

o ffset by:
• insurance finance expense for insurance and
reinsurance contracts issued €2.4m;
• a decrease in r etirement benefit surplus (net of
tax) of €0.1m;
• income tax charge through OCI of €0.7m;
• unclaimed dividends write back of €1.9m; and
• share-based payment reserve increase of €5.1m.
Net asset value per share is 1,320 cent, compared to
1,346 cent per share at 31 December 2024.
Investment Allocation
FBD has a conservative investment strategy across its
portfolio, of circa €1.2 billion of assets, with its insurance
contract liabilities backed with fixed interest assets of
similar currency and duration. Cash allocations
increased, with €20m divested from the bond portfolios
to fund dividends and strengthen liquidity. A further
€35m was divested from the risk asset portfolio in line
with our Strategic Asset Allocation (SAA). The average
credit quality of the corporate bond portfolio has
remained at A- while the allocation to BBB rated bonds
remains stable at 36%. The duration of the corporate
bond portfolio remains unchanged at 3.4 years (2024:
3.4 years) and the government bond portfolio duration
increased to 3.2 years (2024: 2.8 years).
Solvency II
The SCR Ratio at 31 December 2025 is 201% (unaudited)
which has increased from 197% at 31 December 2024.
The SCR Ratio allows for the proposed ordinary dividend
and €4m share repurchase and remains well in excess of
our target risk appetite range of 150% - 170%. The
Group is committed to maintaining a strong solvency
position.
Industry Environment
The Action Plan for Insurance Reform 2025 - 2029 was
released in July 2025 outlining a number of priority
actions across six key themes, Transparency and
Affordability, Competitiveness and Availability, Legal
Reform, Fraud, Climate Protection and Innovation and
Skills. FBD has engaged in the consultation process on
the Transparency Code and expect finalisation by the
Department of Finance in Q1 2026. FBD will continue to
be supportive of the work of the Government to help
deliver progress on these key priorities.
The General Scheme of the Civil Reform Bill 2025
published in January 2026 introduces substantial
changes to Ireland's court system by increasing the
value limits for cases heard in the District and Circuit
Courts. This has the potential to alter where personal
injury claims are litigated, reduce reliance on the High
Court, and reshape legal cost structures.
Following the recommendation from the Judicial Council
to apply an increase of 16.7% to Personal Injuries
Guidelines, the resolution to approve the proposed
increase was not brought to the Oireachtas. The
General Scheme of the Judicial Council (Amendment)
Bill 2026 proposes further changes to how Personal
Injuries Guidelines are reviewed, developed and
approved.
Risks and Uncertainties
The principal risks and uncertainties faced by the Group
are outlined on pages 18 to 27.
OUTLOOK
The Irish economy has shown strong resilience amid
persistent geopolitical uncertainty. While the Irish
economy is forecast to achieve more moderate growth
in 2026 1, it remains above the EU average. While some
challenges may exist for our core customer base of
farmers, businesses and retail customers, the outlook in
the medium term remains positive. Although general
inflation levels remain relatively stable, we continue to
observe excess inflation on Motor Damage and Property
claims albeit at lower levels than recent years. We also
note an increase in average injury settlement costs over
2025. We will continue to support the Government in
helping to deliver on the key priorities for the Action
Plan for Insurance Reform, and remain engaged with all
stakeholders to help deliver progress here.
The Income Statement return from our bond portfolios,
which comprises the majority of the investment
portfolio, is projected to continue to increase in the
years ahead due to the impact of higher reinvestment
rates as bonds mature.
At FBD, we believe that our customer-centric strategy
continues to create value for all our stakeholders. We
remain focused on our goal of being a digitally enabled,
data enriched organisation that provides an excellent
experience for both our customers and employees. Our
commitment to building strong, lasting customer
relationships is delivering results - we are doing more
business with our customers today than ever before.
FBD remains a strong and resilient business, reflected in
the sustained growth of our robust franchise and the
continued strength of our capital ratio. We are
committed to continuous improvement, striving to be
better tomorrow than we are today.
We reiterate our confidence in our underlying
profitability, our solid capital position, our future growth
prospects and continue our focus on consistently
delivering value for both our customers and our
shareholders.
TO MÁS Ó MIDHEACH
Group Chief Executive Officer
5 March 2026

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 12 |

FBD / STORM ÉOWYN
Storm Éowyn alongside the heavy snowfall in January
led to a significant surge in claims activity. It is during
these times that our customers rely on us the most.
On 24th January 2025 Storm Éowyn hit
our shores, one of the most powerful and
widespread wind events to hit Ireland with
record-breaking wind gusts of 184km/h
recorded, causing significant damage and
leaving 750,000+ electricity customers
without power.

| We worked tirelessly to put things right, dealing with over 9,000 claims directly related to the severe weather. |  | FBD's gross costs from these events are expected to be €100m, mitigating the financial impact of severe weather. |  | The majority of claims were settled by June, bringing resolution and peace of mind.

| FBD Holdings Annual Report 2025 |  | Management's Review |  | Sustainability Statement |  | Financial Statements |  |  | Other Information |  | 13 |

FBD / STORM ÉOWYN
Kieran's Claim Experience
"Storm Éowyn damaged our air conditioning units in
the shop, but unfortunately the damage went unnoticed
for several months until we needed to use them. I really
worried that the delay in submitting a claim would
mean it wouldn't be covered."
As soon as I spoke to my local FBD branch manager,
Michael in Tralee, he immediately put me at ease and
straight away set the ball rolling with the claims
process.
The process itself was quick, efficient and hassle-free.
FBD worked through a checklist with me and once they
confirmed the claim was valid, things moved very
quickly. I even received a settlement offer the same day
I submitted my documentation. From start to finish, the
claim only took a few weeks to resolve.
On a scale of 1 to 10 - with 10 being very happy - I'd say
I'm a 10. The whole experience was honestly better than
I expected. I didn't think it would be handled as quickly
or efficiently as it was.
What really stood out to me wasn't just the process, but
the personable way FBD dealt with me. I was very
My relationship with FBD goes back generations.
My father dealt with Michael's father, and it feels
like that excellent relationship has been passed on
to Michael and me. My father was with FBD for over
50 years, and now we've had our shop and petrol
station insured with them for 25 years. And we've
never felt the need to move - they've always
delivered what we've needed, and we find them
very competitive.
Kieran O' Shea - O' Shea's Service Station.
22/01/26
stressed about the damage, and they genuinely helped
reduce that worry. They made an unpleasant situation
as comfortable and manageable as possible.
I've known and dealt with my local branch manager,
Michael for several years now, and having a real person I
trusted at the end of the phone made all the difference.
You're not just a number - you can put a face to the
voice. I was kept informed at every stage of the claim,
and FBD did exactly what they said they would do,
which I really value because not everyone in business
does that. We're a local business ourselves, built on
local people and local knowledge, and I would always
stay with someone I know and trust and that's FBD.