Irish Life restates results under IFRS

BANKING and assurance company Irish Life & Permanent yesterday restated its results for the half year to June to take account of the new International Financial Reporting Standards (IFRS) regime.

Reported after-tax profits for its life division are €58 million under IFRS, down from €105m under the previous standard. Banking profits are €5m higher at €48m.

Total profits are down from €163m to €128m. The impact of the regime on the company’s accounts had been flagged to the markets some months ago.