Quinn Direct chalked up pre-tax profits of almost a quarter of a billion euro, as its earnings increased by more than 50%. The 232m profit was significantly boosted by a huge jump in investment gains, but the core business is also growing, albeit at a much slower pace.

Investment income increased from 44m to 113m, while operating profit was up from 109m to 119m.

Quinn Direct's premium income . . . the money the company makes from writing policies . . . increased by 31%, due in part to the growth of its new British operation. With sales up 31% one might have expected a greater lift in operating profits, but the insurer is investing heavily in the start-up British business and also has to set aside funds to cover future claims from those policies.

the company has also cut prices, so that margins have dropped somewhat as the firm chased new business.

During the past 12 months, Quinn Direct more than doubled its customer base to 350,000 people and is predicting further expansion.

As it celebrates 10 years in business, the company is now in the top three in both motor and commercial insurance in ireland.

The British market, which Quinn Direct only entered in the autumn of 2004, is already responsible for 16% of premium income.

The company initially specialised in the greater Manchester area but is now writing business throughout England, Scotland and Wales.

Within five years, Britain could become the firm's biggest market, although company executives are still predicting further growth in Ireland.

It's a far cry from when a frustrated Quinn initially entered the insurance market because he was sick of paying what he reckoned were sky-high premiums.

During the first couple of years of the business, many senior figures in the financial services sector scoffed at Quinn and his efforts. A whispering campaign was initiated alleging that the foundations on which the Quinn Direct business was based were not secure, that the group was in financial difficulties, that Quinn didn't understand insurance . . . yadda, yadda yadda.

Similar criticisms were made by supposed insurance industry experts in Britain about Peter Wood's Direct Line operation in the 1980s.

Wood confounded his critics by building a new industry giant and making himself a multi-millionaire in the process.

Certainly, the Quinn Direct business did have tough times. It was lossmaking up to three years ago, and Quinn even had to transfer some of his personal wealth, including property assets, into the business to bolster its reserves.

Start-ups are often difficult, though, and it wasn't as if Quinn was short of a bob or two.

But still the sideline sniping continued. When asked five years ago if the business was in trouble, Quinn replied: "the only time that Quinn Direct will be in trouble is when Sean Quinn is in trouble. And Sean Quinn is in no trouble".

Insurance is a cyclical business and Quinn Direct clearly won't be able to generate huge investment gains year in, year out. But last week's results show that Quinn's insurance arm is powering ahead and beginning to build what could be a major business in Britain.

For a man who doesn't really understand insurance, it's not a bad return!