Chill Insurance expects it will see its earnings grow further this financial year. The Irish insurance broker has seen significant increases in its profits recently and predicts a similar trend for the year ahead.
After reporting a near 40 per cent increase in pre-tax profits of €2.4 million (£2.07 million) in the 12 months to the end of April 2018, the online insurance broker is expecting strong earnings growth this financial year too.
The company’s post-tax profits increased by 12 per cent during the same period too, bringing in a total of €1.83 million. It also reported a revenue increase of 14 per cent, pushing the total for the financial year to nearly €24 million.
A Significant Win
Chill’s prediction for another successful financial year comes at a similar time as it’s new acquisition. The Irish insurance broker recently announced it had acquired Aaran Insurances – a broker specializing in cover for small businesses and homes, as well as private vehicle insurance.
Established in 1988 by David Jones, who is set to retire soon, Aaran Insurances has an annual revenue of €2.1 million, meaning it’s a significant win for Chill.
Chill Insurance was founded by brothers Seamus Lynch and Padraig Lynch. Speaking about his company’s first acquisition, Padraig said that Aaran Insurances is a business “that’s been run well” and that Chill is currently in the market to acquire similar personal lines insurance businesses.
He also went on to point out that by obtaining other businesses, Chill would be able to provide customers with “more choice and help with issues such as data protection, regulatory compliance and IT”.
In a previous interview with The Times, Padraig made his business intentions clear, saying that “if an opportunity came up with the right fit, we’d consider acquisition”.
The Future is Bright
The future looks bright for Chill, and further development is expected over the next financial year and beyond.
CEO of Chill Insurance Michael McLaughlin has said that the business is “committed to making a positive contribution to the insurance industry” and is “here to provide much needed competition in the insurance market”. He also went on to say that Chill will continue to offer “quality and value to Irish consumers”.
Based in Sandyford, Dublin, Chill is owned by founders Padraig and Seamus Lynch. Aside from his role at Chill, Seamus is director of Digicel Holdings Ltd and vice chairman of Digicel PNG – both of which are part of the Digicel Group Limited.