IL&P expects narrowing of losses

IRISH Life & Permanent (IL&P) has said that it expects to see a significant narrowing in full-year operating losses for 2010.

In its latest trading update, the financial services group yesterday said that it expects “operating earnings for the year to be significantly better than 2009”, when it posted an operating loss of €196 million.

While IL&P’s retail banking arm – Permanent TSB – continues to be loss-making, its life assurance division is profitable and has been growing during the year. That business was the main driver in IL&P managing to cut its first half losses by over €40m, to €10m, earlier this year.