Insurer Laya Healthcare recorded pre-tax loss of €1.85m in 2011
The country's second largest health insurer – Laya Healthcare – last year went into the red after a drop in revenues.
According to accounts lodged by Laya Healthcare, the firm – then known as Quinn Healthcare – recorded a pre-tax loss of €1.85m last year following a €1.9m pre-tax profit in 2010.
The negative swing of €3.8m follows revenues at the firm last year dropping 16pc from €27.8m to €23.4m.
The insurer – headquartered in Cork – was the subject of a management buyout in December of last year with the support of an underwriter owned by re-insurance giant, Swiss Re.
The Quinn Healthcare business re-branded in May of this year to become Laya Healthcare. The firm has almost 450,000 members today.
Commenting on the 2011 performance yesterday, managing director of Laya Healthcare Donal Clancy said: "2011 was an extremely challenging year for Quinn Healthcare Ltd. However, following the launch of Laya Healthcare in May 2012, our business continues to grow in a declining market and we are very excited about our future as Laya Healthcare."
The firm said the loss was primarily driven by a reduction in commission receivable from its underwriter Quinn Insurance Ltd who were under administration throughout 2011.
The commission income accounts for 90pc of the revenues.
Asked if the firm anticipates a return to profit in 2012, a Laya Healthcare spokeswoman said: "Since its launch in May 2012, Laya Healthcare continues to gain members in a declining market. Currently the second largest health insurance provider in the market, Laya Healthcare is focused on continuing to grow its membership base and product offering."
Numbers employed by the firm last year increased from 324 to 334. Last May, Laya announced a further 100 jobs and since then 30 of the posts have been filled, bringing the headcount to 372 with a further eight positions to be filled between now and the end of the year.
The figures show that the firm recorded an operating loss of €2.5m in 2011 following an operating profit of €3.4m in 2010.