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Pre-tax profits at Chill Insurance last year increased more than four fold to €2.33m.
According to new accounts filed by Chill Insurance Ltd, the company recorded the increase in profits after revenues rose by 10.5%, from €23.07m to €25.52m in the 12 months to the end of April last.
The directors state that the company’s earnings before interest, depreciation, tax, depreciation and amortisation last year more than doubled, from €3.37m to €6.7m.
The directors state that “the company expects profitability to grow substantially over the coming 12 months”.
On the impact of Covid-19, the directors state that the impact on the business has been contained “and we have maintained our level of commission income and profitability in accordance with our business plan and expectations”.
They state that “the directors and management have focused on the cost base in the business in order to ensure that all costs are strictly controlled in accordance with our business plan”.
The report on the Covid-19 impact states that, based on cashflow forecasts and projections, the directors are satisfied that the business will remain cash positive.
In June of last year, UK private equity firm Livingbridge agreed to buy a majority stake in the insurer.
Chill Insurance was founded in 2006 by Seamus and Padraig Lynch and has subsequently grown into the largest independent personal lines insurance broker in Ireland, with over 200,000 policyholders, representing a 6% market share.
The accounts show that the company’s operating profits increased more than three fold from €893,302 to €3.9m.
The write off of a €1.28m loan due from a connected company and interest payments of €355,496 reduced profits to a pre-tax profits of €2.33m.
Numbers employed by the insurer last year declined from 258 to 244, with staff costs increasing marginally from €9.58m to €9.6m.
Directors’ pay reduced from €183,953 to €136,130.
Shareholder funds at the insurer at the end of April last year totalled €4.4m that included accumulated profits of €2.7m.
The company’s cash funds reduced from €12.06m to €11.1m.
Last year, Chill Insurance recorded post tax profits of €1.85m after paying corporation tax of €485,543.
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