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Michael D'Arcy, Ireland's Minister of State for Finance, said that local insurers could face additional taxes if they do not reduce premium rates despite recording profits in 2018, Independent.ie reported. Insurers Axa Ireland Ltd., Allianz Ireland P.L.C. and FBD Holdings P.L.C. recorded a combined profit of €70 million ($79 million) over their targeted profit margins in 2018.