Quinn Insurance returns to profits

Sean Quinn

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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