Monday 24 October 2016

Profits jump to €24m at Euro Insurances

Gordon Deegan

Published 07/09/2016 | 02:30

Former Tánaiste Mary Harney
Former Tánaiste Mary Harney

Pre-tax profits last year at the insurance firm where former Tánaiste Mary Harney serves as a director rose 16.5pc to €24m.

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Ms Harney was appointed to the board of Dublin-based Euro Insurances in February 2012. New accounts show that the firm's revenues from gross premium revenues in the 12 months to the end of December rose from €157.6m to €165.98m.

Ms Harney is one of five board members on the Dutch-owned firm that paid €17.8m in dividends to shareholders last year.

The former PD leader serves as a non-executive director with three other non-executive directors and one executive director, Hessel Kaastra.

The accounts show that emoluments for executive and non-executive directors at Euro Insurances last year decreased from €1.5m to €402,501. Directors' emoluments fell from €878,215 to €388,523 with pension payments reducing from €691,250 to €13,978.

No breakdown is provided of the amount received by each director, but Ms Harney is likely to receive far less than for her role as an independent non-executive director than the company's executive director, Mr Kaastra.

The principal activity of the firm is the insuring/reinsuring the motor damage and third party liability risk of group companies and third party clients.

The accounts show that while the firm's revenues increased last year, its Irish business plummeted with revenues here decreasing from €3.68m to €530,997. The company's strongest performer was Italy, going up from €27.76m to €37.6m.

The firm paid out €92.47m in claims last year with the re-insurer's share of €1m reducing the amount to €91.45m.

Accumulated profits stood at €80m at the end of 2015, while shareholder funds totalled €91m. Numbers employed remained static at 53.

Staff costs last year declined from €5.87m to €4.7m.

Irish Independent

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