Results 14,521-14,540 of 26,092 for speaker:Kieran O'Donnell
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Is that a margin of 10% or 11%?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The FBD margin is slightly higher than the other two companies. What profit did FBD make in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Was that in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: On average, what premiums did FBD charge between 2007 and 2018? Does FBD regard the premiums as coming down in all areas? Between general insurance and motor insurance, have the company's premiums fallen? Someone referred to a figure of 7% lower. Does Ms Muldoon believe, on average, the premiums the company is charging customers for motor and general insurance have fallen between 2017 and...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Yes, and the current year as well.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: What about Allianz and AXA?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Would it be fair to say that motor insurance premiums have come down and general insurance has more or less stayed stable? Would that be correct? At the same time the profits of the companies in 2018 were €37 million for Allianz, which was 7.4% of a margin and AXA had 11.56% or €89 million with €770 million of premiums. What premiums were written by FBD in 2018?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: FBD made a profit of €50 million. What was the margin on €50 million?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I am more interested in the net margin on the premiums. That is how I am looking at it.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: That would be 50 divided by 372. That is a 13.4% margin. That is well above the figure sought. Allianz was looking for a margin of 6% and made 7.4%. AXA looked for a margin of 5% and got nearly double that at 11.56%. FBD was looking for a margin of 8% and had 13.4%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I am looking at €370 million of premiums written with a net profit of €50 million. I am looking at 50 divided by 370, which is approximately 13.4%. This is the question I am posing. The company representatives say they are looking to make margins of 6% for Allianz, 5% for AXA and 8% approximately for FBD. They have made well above those margins in 2018. Why was some element...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Yes, it is about the margins the companies say they need to be able to operate in. The actual margins are well above those figures.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The company is still making above the margin that it sought to make, which is 5%.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I accept that point. However, the backdrop we see is premiums being quoted for older people and younger people at exorbitant rates of €1,000 or €2,000. We have to ask why.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: How much further does Mr. Bradley anticipate they will come down during the course of 2019?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Does Mr. Bradley anticipate they will come down further in the coming weeks?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: I am not denying they are coming down but they should have come down at a higher rate. That is an observation. It is AXA's business but I have to ask the question. I will move on to Mr. McGrath.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: The book of quantum.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Allianz was close to it and above the line rather than below the line.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Insurance Sector: Discussion (4 Jul 2019)
Kieran O'Donnell: Yes.