QUINN-Direct today announced pretax profits of €133 million for the first six months of this year.
The figure represents an 8 per cent increase on the figures for the same period last year.
Written premium increased by 25 per cent to €483 million over the same period, including €15 million from QUINN-Healthcare - the company's newly established health insurance business.
The company said today that it was confident of its continued growth in Irish market share, despite the reduction in the cost of car insurance. However it said that as recent premium reductions have not been matched by a similar reduction in the costs of claims, there would be continued pressure on margins here.
The company reports that its UK business is continuing to develop positively, as is its expansion into commercial insurance in the Netherlands and Belgium. According to the statement the company plans to enter the German insurance market later this year.
The General Manager of QUINN-Direct, Colin Morgan, said today: "We are very pleased with the performance of the business so far in 2007. Despite the competitiveness of the insurance market we have continued to increase our market share in Ireland and the UK and are making good progress in our European business. This performance is a tremendous tribute to our staff who are our greatest asset".
