Quinn Insurance profits hit €100m despite revenues dip

Quinn Insurance and subsidiaries last year returned to profit, recording pre-tax profits of €99.8m in spite of revenues more than halving to €223m.

Accounts just filed by Quinn Insurance Ltd under administration and subsidiaries show that the group recorded the pre-tax profit last year following a pre-tax loss of €117.9m in 2011 — a positive swing of €217.7m.

Revenues at the group last year reduced from €639m to €223m, mainly due to the company selling its Irish general insurance business and healthcare business.