Profit hike at IL&P beats forecast

IRISH LIFE & Permanent (IL&P) beat market expectations yesterday when it reported first-half pre-tax profits of €192 million.

The results were 15% ahead of last year’s figures, stripping outing exceptional items, which included a €26 million boost that was not repeated this year.

Chief executive David Went said the results were very satisfactory. Profits from the group’s life assurance division rose by 8% to €105 million, while banking operations delivered €56 million, a 14% increase excluding exceptionals. Its interest in home and motor insurer Allianz Ireland brought in first-half profits of €25 million, €9 million more than the same period last year.