Glohealth, the Republic’s newest health insurer, ended last year with almost €6 million in assets, figures to be released shortly by the company will show.

The Irish Life-backed insurer is due to file returns to the Companies' Registration Office shortly showing a retained loss of €3.65 million for the period ended December 31st 2012 and total assets of €5.96 million on the balance-sheet date.

The losses stem from the cost of starting the business and are line with what Glohealth expected when it launched in July 2012.

Corporate customers

The company has recruited 70,000 clients since its launch and says that no other health insurer operating in the Republic achieved this growth. It also says that it won a significant level of business from corporate customers.

Glohealth offered three basic insurance plans when it launched last year. The group says that its easy-to-follow products have helped it win customers, with about half of those who receive a quote opting to change.