Quinn Insurance returns to profits
Quinn Insurance and its subsidiaries returned to profit in 2012, although revenues more than halved to €223m [£191m] from €639m.
The Irish Examiner has reported that the company, which is currently under administration, posted a pre-tax profit of €99.8m, compared with a loss of €117.9m in 2011.
The decline in revenue has been attributed to the sale of the company’s Irish general insurance and healthcare businesses.
The directors’ report stated that the profit turnaround was “mainly caused by the profit generated by the insurance business of €107m. The profit arose primarily from foreign exchange-related reserve releases
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