FBD will pay former chief executive Andrew Langford close to €180,000 this year in consultancy fees, according to the insurer’s 2015 annual report. FBD said it will pay Langford €16,300 per month in consultancy fees from February 2016 until December 2016 for making “his services and time available to the company”.

Should Langford have full-time employment elsewhere, FBD said it will not pay the consultancy fees.

In a separate statement, FBD said it does not expect to make a profit until 2017.

Resigned

Langford resigned as FBD chief executive in July last year – three weeks before the insurer reported a €96m loss for the first six months of its financial year. After stepping down, Langford received a sum of €269,000 representing six months’ salary and benefits.

For the full year 2015, Andrew Langford received €594,000 from FBD – a 10% increase on the previous year.

On top of this, Langford serves as a non-executive director of KBC Insurance for which he receives an annual sum of €75,800.

Total remuneration of FBD’s 12 directors in 2015 increased €500,000 to €1.8m, despite the insurer recording a pre-tax loss of €85m last year. FBD’s new chief executive Fiona Muldoon earned a total of €449,000 in 2015, while group chair Michael Berkery earned €126,000 last year.