Saturday 21 April 2018

Chill profit not dented despite car insurance conditions

Chill Insurance has raised its profile through the sponsorship of the Cork inter-county mens teams
Chill Insurance has raised its profile through the sponsorship of the Cork inter-county mens teams
John Mulligan

John Mulligan

Chill Insurance, the online broker owned by Seamus and Padraig Lynch, maintained its profits at €1.6m in its last financial year, despite operating through what it said were "uncertain motor insurance market conditions".

Chill's commission income slipped to €20.7m in its financial year to April 2017, from €21m a year earlier, according to accounts just filed for the business.

Chill, which is majority owned by Seamus Lynch, said that its earnings before interest, tax, depreciation and amortisation (Ebitda) also remained broadly unchanged in the last financial year, at €3.8m.

That compared to €3.9m in the 2016 financial year.

"The company has successfully maintained profitability through uncertain motor insurance market conditions," directors noted in the accounts.

"The company anticipates substantial new business policy growth and improved retention over the next 12 months."

The accounts for the business also show that Chill refinanced its borrowings during the 2017 financial year.

It secured €10m in new borrowings and repaid €5.8m in loans.

Between 2015 and 2016 in particular, consumers were hit with steep hikes in their insurance premiums as insurers sought to offset the impact of increased claim activity and higher awards.

Irish Independent

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