Profits slip 14% at insurer of which Harney is director
Euro Insurances Ltd specialises in mortor and third party liability risk
Mary Harney: one of five board members on the Dutch-owned Euro Insurances Ltd, which paid €29.2 million in dividends last year. Photograph: David Sleator
Pretax profits at the insurance firm former tánaiste Mary Harney joined as a director last year declined by 14 per cent to €28.67 million last year.
Ms Harney was appointed to the board of Euro Insurances Ltd in February last year.
Accounts just filed show revenue from gross premium revenue at the company increased in 2012 by 4 per cent to €152.7 million.
Ms Harney is one of five board members on the Dutch-owned firm, which paid €29.2 million in dividends last year.
The principal activity of the Dublin-based firm is insuring/reinsuring the motor damage and third-party liability risk of group companies and third-party clients. The figures show that the firm increased its Irish business by 21 per cent to €8 million last year.
According to the directors’ report: “Overall insurance income in 2012 exceeded budget, due to positive run-off in Spain, the Netherlands, Norway and Poland partly offset by negative outcomes in Denmark. Investment income was also ahead of plan.”
The figures show that the firm paid out €82.9 million in claims last year with the reinsurer’s share of €3.2 million reducing the amount to €79.7 million.