Irish Life & Permanent loses €197m
Published 02/03/2011 | 09:27
Irish Life and Permanent suffered an operating loss of €197m last year.
The finance house said its pensions and life sector enjoyed a boost during 2010, with profits rising 57pc to €160m.
But this was offset by losses in Permanent TSB's banking business, which increased by over a third.
Group chief executive Kevin Murphy said the results were in line with the 2009 performance.
"On the plus side, our life and pensions and fund management businesses in Irish Life enjoyed a very successful year and operating profits rose by 57pc to €160m," Mr Murphy said.
"Against that, we had further losses in the banking business where the cost of rising impairment provisions drove a loss of €364m.
"Combine the two with some movements in other areas and we had an operating loss for the group of some €197m, which was very close to the performance in 2009."
The group said it recorded a loss in the banking business of €364m due to impairment provisions.
Mortgage arrears jumped 49pc, with accounts in arrears for more than 90 days increasing by 67pc.
Accounts in arrears for less than 90 days jumped by 18pc.
Sales in the life business were 6pc ahead of 2009 at €572m.
Sales in the retail section were down 8% on the back of weaker demand for pensions, while the corporate business was down 16pc driven by flat salaries and reduced employee numbers in client companies.