Despite a €6m hit from claims relating to Storm Emma, profits from insurance at FBD soared 70% for the first six months of this year compared with the same period last year.

FBD made €18.9m from insurance in the first half of the year. Fiona Muldoon, chief executive of FBD, said: “FBD is making a normal profit in a normal way like any business” but she also noted “we are charging people more than we were [for insurance]” and that she didn’t think that was going to change anytime soon.

The results come as FBD faces increased competition to the farm insurance market (AXA and Zurich) in recent years. The company said the investigation into an allegation against Fiona Muldoon was ongoing.

Read an in-depth breakdown of FBD's performance here.