Insurer Quinn-direct yesterday said it cut premiums by 14 per cent in the six months to end-June and planned further reductions before the year's end.
The firm said it had made pre-tax profits of €52 million in the six months to end-June, compared with a full-year total of €33 million for 2002. It had premium income of €178 million for the period and its underwriting profit was €36 million.
A gain of €16 million in investment income for the period helped boost Quinn's profits. Its full-year results for 2002 show this activity cost the company €18 million last year. Yesterday was the first time the company published figures detailing its half-year performance.
General manager Mr Kevin Lunney said it had cut premiums by an average of 14 per cent across its motor and general businesses. He said positive trends in the market would leave Quinn in a position to make further cuts by the year's end.
Quinn-direct is the latest in a list of insurers that have pledged to cut premiums if the current favourable market conditions continue. Axa, Alliance and Hibernian have all said they intend to cut the cost of cover on the basis of positive results this year.
