NEW QUINN ACCOUNTS REVEAL INVESTMENT HIT

Newly filed accounts from Irish Insurer Quinn revealed a EUR150m investment hit and a EUR100m decline in operating profit for 2008, reports the Irish Independent. Operating profits declined to EUR86m in 2008 from EUR192m in 2007. Although premium income was up 15%, claims rose by 27% and operating expenses were up 52%. Quinn said that underwriting actions taken in 2008 and 2009 had improved the underlying profitability of insurance business. Quinn's market share, which had been growing rapidly for years, shrank in 2008. The company said that it had sacrificed market share to maintain profitability in a cut-throat market.