This article is from page 78 of the 2009-06-02 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 78 JPG
THE Shannon-based insurance arm of UK bank, HBOS plc last year re- corded a sustained £21 million (€24 million) pre-tax loss after record- ing pre-tax profits of £75 million in 2007.
According to returns lodged with the companies office by Halifax In- surance Ireland Ltd, the company se- cured a profit after tax of £8m after a tax credit in the accounts of £29m from the Irish tax authorities.
The accounts show that the compa- ny recorded a turnover of £205.2m — down three per cent on the £211 mil- lion in revenues generated through premiums in 2007.
The main business of the company — which employs 319 people in the Shannon Free Zone — is to underwrite general insurance elements of repay- ment insurance cover for HBOS plc customers and the repayment insur- ance 1s provided on mortgage, credit card and personal loan products.
The company’s ultimate parent is now Lloyds TSB after it completed its takeover of HBOS plc earlier this year in a move that created a banking giant of 145,000 staff.
The accounts for Halifax Insurance Ireland Ltd show that during 2008 the company paid dividends of £97m and this followed dividend payouts of £32.6m during 2007 and £130m in 2006. The accounts show that £49m was paid out last year in claims and benefits — down £5 million on the 2006 total of £54.8m.
The returns also confirm that the company’s retained earnings at the end of 2007 was £93 million, while the company has cash and cash equivalents of £149 million.
The accounts show that the compa- ny increased its workforce last year by 18 and its wages and salaries bill increased by 88 per cent from £5m to £6.7m. Total staff costs were £7.5m.
Directors’ remuneration increased from £395,000 to £462,000.