Saturday 24 February 2018

Profits dip 16pc at Euro Insurances

Former Tanaiste Mary Harney Photo: Steve Humphreys
Former Tanaiste Mary Harney Photo: Steve Humphreys

Gordon Deegan

Pre-tax profits at the insurance firm where former Tánaiste Mary Harney serves as a director decreased by 16pc to €20.3m last year.

Ms Harney was appointed to the board of Dublin-based Euro Insurances in February of 2012 and now new accounts show that the firm's total income in the 12 months to the end of December increased by 12pc - going from €157.6m to €176.9m.

Ms Harney is one of five board members at the Dutch-owned firm and serves as an independent non-executive director.

The accounts show that emoluments for executive and non-executive directors at Euro Insurance last year increased from €402,501 to €502,993.

The figures show that directors' emoluments increased from €388,523 to €486,948 with pension payments increasing from €13,978 to €16,045.

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

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

In line with the firm's revenues increasing last year, its Irish business increased with its income going up from €530,997 to €703,710.

The company's strongest performer was its Italian market going up from €37.6m to €38m.

The directors' report states that "the income from insurance in 2016 is €2.9m lower than 2015".

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business