Saturday 21 April 2018

Profits down by 15pc at Harney's insurance firm

PRE-TAX profits at the
insurance firm that former Tanaiste Mary Harney has joined as a director declined by 15.5pc last year to €33.5m.
PRE-TAX profits at the insurance firm that former Tanaiste Mary Harney has joined as a director declined by 15.5pc last year to €33.5m.

Gordon Deegan

Pre-tax profits at the insurance firm that former Tanaiste Mary Harney has joined as a director declined by 15.5pc last year to €33.5m.

Ms Harney was appointed to the board of Euro Insurances in February. New accounts show revenues declined in the 12 months to the end of December last by 29pc -- from €208.8m to €146.7m. Pre-tax profits fell from €39.6m to €33.5m.

The former health minister is one of five board members on the Dutch-owned firm that paid €34.6m in dividends to its shareholders last year.

Last Friday, the Department of Finance confirmed that Ms Harney received ministerial pension payments of €69,305 last year.

Ms Harney holds two other directorships in commercial companies Ward Research & Development and the related Ward Biotech.

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

Accumulated profits stood at €88.3m last year with total shareholder funds standing at €99.8m.

The filings show that aggregate directors' emoluments last year totalled €460,069. No breakdown is provided of payments to individual directors.

The figures show that the firm's biggest market is Spain. However, monies received from gross written premiums in that market last year declined from €104.6m to €35.7m.

Irish Independent

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