Lower payouts boost Hibernian profits

LOWER insurance payouts and fewer claims for damage caused by bad weather meant good news for Hibernian last year, as the company reported a 34% hike in operating profits yesterday.

Operating profits soared to €282 million, driven largely by a 72% hike in profits from the general insurance business, which includes home and motor policies. Home and motor premiums income fell €100 million to €835m but operating profits from the division were €94m higher at €224m.

This more than made up for a €23m tumble in profits from the life and pensions business, which came in at €57m. Gross premium income was 5% higher, but the contribution from new business disappointed at €27m, down from €40m in 2003.