Saturday 24 February 2018

Insurer 123 pays €15m to RSA

RSA was paid a €15m dividend from insurance broker 123
RSA was paid a €15m dividend from insurance broker 123
John Mulligan

John Mulligan

Insurance broker paid a €15m dividend last year to its immediate parent, RSA Ireland, accounts for the firm behind the Irish business show.

The dividend payment came as the UK-based RSA group was forced to increase its capital commitment to its RSA Ireland unit to over €500m last year following a 2013 accounting scandal at the Irish unit.

The accounts for 123 Money note that no dividend had been paid by it in the nine-month accounting period in 2014.

The accounts also show that 123 Money made a €9.8m pre-tax profit last year, as revenue climbed to €31.2m.

The accounts for 123 Money are for the full 2015 calendar year, while the previous set of accounts are for a nine-month period in 2014.

Directors at 123 Money, which employs about 250, said its future developments will be "in line with RSA group strategy".

"The strategy is based on a disciplined approach to delivering strong, sustainable returns and our strategic priorities are centred on strong annual earnings, targeted profitable growth and operational excellence," noted the directors.

RSA Ireland's premiums rose 11pc in the first half of 2016, which also saw it implement big rate increases for customers.

The Irish unit also returned to profitability in the period.

Irish Independent

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