The Republic’s public bodies’ insurer earned a surplus of €52 million last year despite payouts on damage inflicted by Storm Éowyn in January.
Member-owned Irish Public Bodies (IPB) Insurance, which serves State organisations and not-for-profits, said it earned almost €180 million in revenue from issuing policies in 2025.
IPB earned a surplus of €52 million for the year, aided by €41.6 million in investment returns and a “positive underwriting outcome”, said the company in financial results issued at its 100th annual general meeting.
“While Storm Éowyn resulted in a significant increase in property damage claims, IPB’s prudent reserving practices and robust reinsurance programme limited the overall financial impact,” said a statement.
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This allowed the business to deliver positive results for the year. It ended 2025 with a strong capital position, including solvency coverage of around 2.7 times what regulations require.
IPB retains all surpluses that it generates, reinvesting them for the benefit of its public body owners, which the company says ensures the money remains in the Republic.
IPB chief executive John Kearns said that 2025 had been another strong year for the insurer, despite the challenges posed by Storm Éowyn payouts.
Its results reflected disciplined underwriting and a robust investment strategy, which allowed the company return value to members and customers through distributions and competitive pricing, he said.
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“Maintaining strong solvency allows us to support our Members with confidence, invest for the long term and remain resilient in a changing risk environment,” Kearns added.
IPB Insurance chairman John Hogan noted that the firm existed only to serve members and customers, with no external shareholder involvement.
“The continued strength of our financial performance and exceptionally high levels of member engagement demonstrate the value of the mutual model, built on trust, partnership and long-term stewardship,” he said.
Founded in 1926 to prevent vital financial resources from leaving the State and to foster independence in providing insurance to public bodies, the firm is the Republic’s only indigenous mutual insurer, owned solely by its members.
IPB provides insurance to local councils, education and training boards, health bodies, State organisations and the community and voluntary sectors.
As part of its 100th birthday celebrations, the company announced a €3.1 million action fund to support community and voluntary local environmental initiatives across the Republic.
Hogan added that IPB’s centenary was a moment to reflect on the firm’s founding purpose, “to ensure essential insurance protection is delivered in Ireland, for Ireland”.
