Mr. John Quinlan:

We have discussed transparency this morning. We often pay claims seven years down the road and we are not making superprofits. If we were, there would be far more competition from companies interested in participating in the Irish market. Our figures for 2012-18 suggest we are making a 97% core, which is 2% below our target. It was 101% in 2012 but 92% in 2018. For motor insurance we wrote €1.2 billion between 2012 and 2018 and made a €14 million underwriting profit, €71 million in total, which is a gross return of 1.7% and nothing like 5%. Our liability was €400 million.

I was asked about claims increases but we lost €37 million on that figure at underwriting level, and lost €10 million of the total, yet I am trying to convince the group to stay with Ireland and to keep deploying capital. We are certainly not making supranormal profits. We need to make sure we are here to pay the claims of the future. Quinn Insurance cost us €2 billion because the premiums were not right. We will pass back profits as soon as we can see the reductions in average claim cost.