Chill Insurance sees pre-tax profits jump 538% to €7.1m
Pre-tax profits at the group that operates online insurance broker, Chill last year increased more than six fold to €7.17m.
Pre-tax profits at the group that operates online insurance broker, Chill last year increased more than six fold to €7.17m.
New consolidated accounts show that Chill Insurance Ltd recorded the 538% jump in pre-tax profits as revenues increased by 18pc from €30.7m to €36.2m in the 12 months to the end of April last year.
Numbers employed by the group decreased from 232 to 217 as staff costs declined from €11.54m to €10.95m.
Chill is an online insurance intermediary based in Sandyford in Dublin and the business works closely with leading insurance providers for the likes of home, life, travel or car insurance.
The business was established in 2007 by brothers, Pádraig and Séamus Lynch and has subsequently grown into the largest independent personal lines insurance broker here, tripling in size since 2011.
In 2020, UK private equity firm Livingbridge agreed to buy a majority stake in Chill Insurance that saw the Lynch brothers retain a minority stake of around 30%. Prior to the sale, industry sources had put a value of as much as €100m on the business in 2020 when speculation was rife that it was on the market.
The profits last year take account of combined non-cash amortisation and depreciation costs of €4.15m made up of amortisation costs of €3.97m and depreciation costs of €186,853.
Pay to directors totalled €181,287 last year which was a slight increase on the €179,426 paid out in the prior year.
Rent and lease costs remained at €1m last year. A note attached to the accounts states that during the year, the Dublin-based broker Chrome Insurance's book was transferred to Chill Insurance Limited at a value of €4.7m.
Chill Insurance generated cash of €13.27m from operating activities while it continued to invest spending €7.48m on the purchase of intangible fixed assets and this followed €3.2m under the same heading in 2023.
At the end of April 2024, the group had shareholder funds of €23.3m that included accumulated profits of €13.9m.
The group’s cash funds increased from €9.83m to €15.55m in 2024.
On its future developments, the directors state that “the future developments of the parent company will be in line with the Three Rock Group Strategy”.
They state that “this strategy is based on providing a multi-product consumer offering and it is intended that the company will expand its customer base and grow market share in personal lines insurance and other consumer products”.
The group recorded a post tax profit of €6.95m last year after incurring a corporation tax charge of €217,672.
