Quinn Insurance, Ireland's second-largest insurance firm, booked a €136m drop in retained reserves in 2008 due to losses on investments, according to figures in the Financial Regulator's Insurance Statistical Review, which was published last week.

The numbers are the first official indication of Quinn's performance last year, as the company's consolidated accounts are not due until next month.

Last year Quinn Group reported a €425m pretax loss for 2007 after an €829m writedown on investment losses, understood to be in Anglo Irish Bank shares. The company indicated a further €130m writedown was likely in 2008.

Since the last statistical review Quinn Insurance has reduced or written down much of its equity investments, but still has more than 25% of assets - €515m - in illiquid property assets, although it has massive cash holdings of more than €780m too.