The country’s second largest health insurer, Laya Healthcare, last year returned to profit, reporting pretax profits of €4.99 million following a €2 million loss in 2011 .

Revenue at the former Quinn Health was up up 44 per cent from €23.4 million to €33.75 million as members increased by 5.5 per cent from 450,000 to 475,000 since launch.

The Cork-based firm was the subject of a management buyout in December 2011 with the support of an underwriter owned by Swiss Re.

The business rebranded in May of last year to become Laya Healthcare.

“As a business, there is a lot to be positive about. That we have significantly grown our members to over 475,000 to date, in a market that is haemorrhaging approximately 5,500 a month is testament to the hard work of our team . . . we are also still on track to deliver 100 new jobs as promised when we launched,” said managing director Donal Clancy.

The figures show that the firm recorded an actuarial loss of €8.5 million resulting in a shareholders’ deficit of €2.56 million.

People employed by the firm last year increased from 326 to 348 with staff costs up from €14.3 million to €15.1 million.

Emoluments to directors, including pension contributions, last year increased sharply from €433,818 to €786,042.