IL&P profits hit €531m

A SURGE in pension sales and investment gains has lifted full year pre-tax profits at Irish Life & Permanent nearly 15%.

Profits at the group rose by €67 million to €531m with sales of pensions, life assurance and investment products contributing to the increases.

Stripping out gains from investment markets, which totalled €94m in 2005, operating profits were 9% higher at €420m. The firms chief executive David Went said the group saw a strong pick-up in business activity in the second six months of 2005, with sales of pensions and mortgage lending very strong in December.