Last week FBD announced it planned to more than double its dividend to 50c per share on the back of strong full year results which saw it make a pre-tax profit of €50m in 2018.

The total dividend payout will amount to over €17m for FBD, which is chaired by former Glanbia chair Liam Herlihy.

The doubling of the dividend will be a welcome boost for the IFA, which holds approximately 500,000 shares in FBD. The declared dividend will see the farmer organisation receiving €250,000 from its investment in the insurer.

Meanwhile, Farmer Business Developments plc, the original FBD co-op which owns a number of hotels in Ireland and Spain, will also benefit from the increased dividend.

Farmer Business Developments is the largest single shareholder, with a 24.6% stake in the quoted insurer.

It will see its dividend increase to over €4m this year on its 8.5m shares valued at almost €80m.

FBD resumed paying a dividend last year after it axed dividend payouts in 2015 to help stabilise the company.