Insurer sees profits fall as Harney joins

Pre-tax profits at the insurance firm that former tánaiste Mary Harney has joined as a director fell by 15.5% last year, from €39.6m to €33.5m.

Ms Harney was appointed to the board of Euro Insurances Ltd in February of this year. New accounts show the firm’s revenues declined in the 12 months to the end of December last by 29%, from €208.8m to €146.7m.

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

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

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

The figures show that the firm paid out €82.2m in claims last year with the reinsurer’s share of €3.6m reducing the amount to €78.5m.

Euro Insurances saw its accumulated profits reach €88.3m last year with total shareholder funds standing at €99.8m. Cash stood at €68.1m.

A breakdown of revenues showed the Irish business declined by 21%, from €8.4m to €6.6m.