IL&P reaffirms earnings guidance

IRISH Life & Permanent, the country’s largest life insurer, said profit will only be “modestly” affected by the turmoil in financial markets as it reiterated a forecast for full-year earnings growth of at least 20%.

“Given our maturity and re-pricing profiles on both assets and liabilities, we expect the 2007 result to be only modestly impacted by wholesale pricing pressures,” said chief executive Denis Casey at a banking conference in London.

“We reaffirm our guidance of 20% plus growth in life and banking operating profits,” he said.