IL&P’s profits soar 10% to €400.2 million

IRISH Life & Permanent profits grew by 10% last year, helped by increased pension sales and a better outturn at its general insurance subsidiary.

IL&P said pre-tax contributions - essentially operating profits stripping out short-term investment fluctuations - were 10% higher at €400.2 million.

The company rewarded shareholders with an 8% rise in the full-year dividend to 55 cent.