Pension profits decrease to €96m
The profitable life business is listed by IL&P as discontinued operations, due to it being bought out by the Government under the €1.3bn transaction due to be completed in the next fortnight. This will facilitate the formation of the Irish Life Group.
Therefore, the last set of IL&P accounts, published yesterday, are skewed by ongoing losses at its struggling banking arm, Permanent TSB. This showed an after-tax loss of €424m for 2011, up from a total loss of €321m for the previous year.
