Mr. Brian Hanley:

Certainly. I am happy to provide the committee with something more detailed on that in order that it will have various examples subsequently. For instance, I think it was the CEO of Aviva who said publicly in March that he would be very happy with a 5% margin. I guess the industry is taking the other 8% in sufferance because it is currently making about 13% on average across all insurers. They have indicated what a reasonable profit margin would be, but we are far in excess of that. In fact, if we go back through Central Bank data, we can see that the operating profit in 2022 was 14% and 10% in 2021. We are comfortably in excess of what is a reasonable amount.

Nobody has any objection to people making a reasonable profit. Many of our members come from a business background. It is absolutely essential and right that they would do that, but the narrative was framed by insurers that if these reforms came in, we would see premiums come down. It was accepted that they were very high. The reforms have come in, but instead what we have seen are profit levels of more than double international norms.