Profits drop at firm linked to Harney

Pre-tax profits at the insurance firm that former tánaiste Mary Harney joined as a director last year declined by 14% to €28.67m in 2012.

Ms Harney was appointed to the board of Euro Insurances Ltd in February of last year, new accounts for which show that revenues from gross premium revenues increased in the 12 months to the end of December last by 4% from €146.7m to €152.7m.

Ms Harney is one of five board members at the Dutch-owned firm that paid €29.2m in dividends last year. Emoluments for directors at Euro Insurance Ltd last year increased by 17% from €460,069 to €539,469. Ms Harney’s combined pension payments from the State between her ministerial pension and TD pension stands at €129,804.

No breakdown is provided for 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, British national Fuzail Nisar.

The principal activity of the Dublin-based firm is insuring/re-insuring the motor damage and third party liability risk of group companies and third party clients. The figures show that the firm increased its Irish business by 21% from €6.4m to €8m last year and according to the directors’ report: “Overall insurance income in 2012 exceeded budget, due to positive run-off in Spain, the Netherlands, Norway and Poland; partly offset by negative outcomes in Denmark. Investment income was also ahead of plan.”