Insurance companies 'raking in even bigger operating profits' than what Central Bank reports

"NCID reports use after-tax rather than pre-tax figures, 'underplaying level of profitability', Sinn Féin's Pearse Doherty says"

"Insurance companies are making much higher profits than reported, it has emerged."

"Motor insurance companies and public and employer liability insurers collectively made up to €50m more in profits last year than previously indicated."

NCID reporting uses after-tax rather than pre-tax figures, which reduces the apparent level of profitability. Insurance companies are making substantially higher profits than reported. Motor insurers along with public and employer liability insurers recorded up to €50 million more in profits last year than previously indicated. The reporting basis therefore conceals full pre-tax earnings and results in lower published profit figures compared with the companies' actual pre-tax profitability.

Read at Independent