The insurance group recorded pre-tax profits of £85.15m

PPI complaints surge

Quinn Insurance last year returned to profit, recording pre-tax profits of €99.8m (£85.15m).

The results come despite the group’s revenue dropping from €639m to €223m, following the sale of its Irish general insurance business and healthcare business.

Accounts filed by Quinn show that its profit improved by €217.7m, following a pre-tax loss of €117.9m in 2011.

The positive results were mainly because of the €107m profit generated by the insurance business from foreign exchange-related reserve releases and investment income, the company said.

Claims also decreased during the year to to €82m from €700m in 2011, because of the sale of the Republic of Ireland business to Liberty Insurance.

The profit last year reduced the group’s accumulated losses from €1.74bn to €1.63bn.

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