Irish Life & Permanent profits soar to €358.2m

IRISH Life & Permanent full-year results surpassed expectations, with pre-tax profits soaring to €358.2m compared to €79.1m in 2000.

The increase was achieved against a backdrop of poor performances in the European insurance sector. The company took a €129.7m hit on short-term investment fluctuations (STIFs) on stock market investments and currency losses and was made up of 96.7m in the life operations, and 33m on the group's associate Allianz Irish Life.

However, as IL&P has adopted the new Association of British Assurers SORP accountancy rules, which focuses on profit before tax before the impact of STIFs, this 129.7 loss is not factored into pre-tax profits.