A profitable turn was made last year by the company operating Chill, the online insurance broker, with a pretax earnings of €1.12 million. Chill Insurance Ltd’s consolidated financial reports show an 8 per cent revenue increase, totalling €30.7 million within the 12 months ending April 2023. This contrasts with the €722,342 losses seen the year prior.
The size of the workforce increased slightly from 227 to 231, leading to a minor increase in staff expenditures to €11.54 million. Simon Harris emphasised the need for labour cost policy change to assist small businesses trying to stay afloat.
Chill, which is an internet-based insurance broker from Sandyford, Dublin 18, collaborates with top insurance companies for services including home, life, travel, and auto insurance. The firm was founded in 2007 by brothers Pádraig and Séamus Lynch and has thrived to become the country’s largest independent broker for individuals’insurance lines, growing threefold since 2011.
In 2020, a majority stake in Chill was acquired by UK private equity company Livingbridge, leaving the Lynch brothers with a minority share of roughly 30 per cent.
The €1.12 million profits of last year factors in non-cash amortisation and depreciation costs of €2.88 million, including €2.63 million for amortisation alone. Director remuneration totalled €329,688 in the past year, a rise from no remuneration in 2022.
The company managed to generate €1.34 million in cash from its operations. As of April 2023’s conclusion, the firm had shareholders’ funds amounting to €16.34 million, featuring accumulated profits of €6.94 million. However, there was a reduction in cash funds, decreasing to €9.83 from €11.88 million in 2022.
Regarding business risks, the company’s directors acknowledge that increasing cyber threats – such as hacking, social engineering, and other harmful activities designed to inflict harm or pilfer data for financial or competitive advantages – exist. Accordingly, the group declares to have already established a thorough control framework to proactively manage this risk which is being continuously reviewed and adjusted as the threat landscape evolves.