Strong lending lifts IL&P profits

Irish Life & Permanent has reported results for last year which show pre-tax profits of €592m, compared with €531m in 2005.

After investment fluctuations are stripped out, the rise in profits was 26%.

These figures are on an embedded value (EV) measure of profits, which is used by life insurance companies and which IL&P says is a more realistic measure of its performance.

Profits in its life and pensions business rose by 23% to €274m while Permanent TSB profits jumped by 36% to €202m.