RNS Number:4536C
Irish Life & Permanent PLC
01 September 2004
IRISH LIFE & PERMANENT PLC
Interim Report
Six months to 30 June 2004
FINANCIAL HIGHLIGHTS
For the 6 months ended 30 June 2004 (unaudited)
* Total profit after tax of Euro163.6m (2003: Euro111.2m) + 47%
* Total earnings per share 60.7 cent1 (2003: 41.3 cent1)
* ROI/UK pre-tax contribution Euro185.8m (2003: Euro188.0m)
* Total contribution earnings per share 55.8 cent1 (2003: 58.2 cent1)
1 Including own shares held for the benefit of life assurance policyholders
Banking
New Loans Issued Euro3,681m +43%
Loan Book Growth on 30 June 2003 Euro3,525m +23%
Loan Book Growth on 31 December 2003 Euro1,965m +11%
ROI Mortgage New Business Euro2,229m +41%
ROI Mortgage Book Growth on 30 June 2003 Euro2,271m +21%
ROI Mortgage Book Growth on 31 December 2003 Euro1,134m +9%
Bancassurance Sales Euro26.1m2 +17%
Life
New Business Euro187.5m +22%
Value of New Business Euro24.5m +26%
Interim Dividend per Share 16.5 cent +10%
Total Tier 1 Capital Ratio 10% (2003: 11%)
Life Solvency Cover (times) 1.8 (2003: 1.8)
2 Unless otherwise indicated all life and pensions sales are expressed on a
weighted annual premium equivalent basis
Commenting on the results David Went, Group Chief Executive said:-
"We are very satisfied with the Group's performance in the first half of the
year. Both our life and banking businesses are performing strongly and are
participating fully in the growth in their respective markets.
The backdrop for our business is very positive given the strength of the Irish
economy. Forecasts are for over 40,000 new jobs being created this year and for
a record number of new housing completions - between 70,000 and 80,000 units.
For us this has translated into strong volume growth in the first half with
permanent tsb's new residential mortgage lending in Ireland up 41% and, on the
life side, with an increase of 63% in individual pension sales.
While the margin environment is challenging we have continued our unrelenting
focus on controlling our cost base. We expect full year group operating costs
for 2004 in Ireland to be running at 2001 levels - a very significant real
reduction given cost inflation and volume growth over that period.
Overall the financial result for the half year 2004, with the underlying pre-tax
operating profit (contribution) up 15%, is very satisfactory. This strong start
plus the continuing momentum in the business augers well for the full year
outcome."
Operating Review
Banking and Other Activities
permanent tsb, the group's banking division, continues to focus on its strategic
objective of becoming the leading provider of personal financial services in
Ireland. In the first half of the year permanent tsb consolidated its leadership
position in the Irish residential and new car finance markets while continuing
to improve its position in the bancassurance and current account markets.
Against a continuing favourable economic backdrop total loans and advances to
customers at 30 June 2004 were Euro19.1bln, an increase of 11% on outstanding
balances at 31 December 2003 and 23% ahead of outstanding balances at 30 June
2003. Total gross new lending at Euro3.7bln was 43% ahead of the first half 2003
(Euro2.6bln). The growth in balances over the principal business lines was as
follows:
30 June 31 Dec Growth
2004 2003
eurom eurom %
Mortgage Lending - ROI3 13,192 12,058 9
Consumer Finance 1,392 1,285 8
Commercial Lending 1,175 1,167 -
15,759 14,510
Mortgage Lending - UK (Stg#)3 2,235 1,844 21
Total Lending - eurom 19,091 17,126 11
3 Including securitised mortgage assets
The residential mortgage market in the Republic of Ireland continued to be very
strong during the first half of 2004. Total gross new mortgages issued were
Euro2.2bln, an increase of 41% on the Euro1.6bln issued in the first half of 2003.
Residential mortgage balances outstanding increased by 9% to Euro13.2bln compared
to Euro12.1bln at 31 December 2003. The group believes that it has maintained its
leading position in the Irish residential mortgage market in the first half of
2004.
In the UK mortgage demand was also strong with mortgage balances outstanding in
Capital Home Loans, the group's centralised mortgage lender, increasing 21% to
Stg#2.2bln from Stg#1.8bln at 31 December 2003. Gross new mortgages issued in
the first half of 2004 were Stg#559m, an increase of 65% over the Stg#338m
issued in the first half of 2003.
New consumer finance loans issued increased 13% to Euro465m from Euro412m in the first
half of 2003 with this growth being helped by the recovery in the new car market
during the first half of the year. As a result of this new lending consumer
finance balances outstanding increased 8% to Euro1.4bln from Euro1.3bln at 31 December
2003. New commercial loans issued increased 41% to Euro131m in the first half of
2004 compared to Euro93m issued in the first half of 2003 with the book remaining
flat compared to 31 December 2003.
Customer account balances outstanding at 30 June 2004 were Euro11.5bln, an increase
of 14% over balances outstanding at 31 December 2003 with particularly strong
growth in commercial deposits and current account balances.
Sales of life and pensions products through the permanent tsb branch network
were Euro26.1m, an increase of 17% over the first half 2003 level of Euro22.4m.
Bancassurance sales have benefited from the deployment of new sales processes
and technology across the branch network in the second half of 2003.
In the first half of 2004 the bank continued to focus on and invest in
programmes to improve branch and head office efficiency, manage costs and
improve customer satisfaction. As a result of these and other initiatives
undertaken in 2003 administrative costs in the first half 2004 were down 2%
overall. The successful execution of these programmes will ensure that cost
growth in the bank will be flat through to 2005.
Life Business
The group's principal life operating divisions are Retail Business, Corporate
Business and Irish Life Investment Managers, each of which operates in a defined
segment within the Irish life and pensions marketplace. Overall life sales of
Euro187.5m in the first half of 2004 were 22% ahead of 2003 (Euro154.2m) with good
growth experienced in all operating divisions.
Sales in the group's principal life businesses are summarised below:
30 June 30 June Growth
2004 2003
eurom eurom %
Retail Business 81.9 63.5 29
Corporate Business 70.9 62.2 14
Investment Management 25.6 20.7 24
Irish Life International 7.8 6.4 22
186.2 152.8 22
UK 1.3 1.4 -
187.5 154.2 22
Retail Business
The group's retail business is focused upon sales of life and pensions products
to the retail market in Ireland. Its principal product lines are protection,
pensions, investment bonds and regular savings products.
The improved sales climate which emerged in the second half of 2003 driven by
improved investor confidence as investment markets rebounded and the stimulation
of the pensions market as a result of public policy initiatives, particularly
the introduction of Personal Retirement Savings Accounts ("PRSAs"), continued
through the first half of 2004.
As a result retail sales in the first half of 2004 at Euro81.9m were 29% ahead of
2003 levels of Euro63.5m. While sales were buoyant across all product lines growth
in pension sales was particularly strong, up 63%. The group estimates that on
foot of this strong sales performance it has, in the first half 2004, once again
improved its overall market share position to in excess of 20%.
The retail business continued to make considerable progress on the
implementation of the Horizon project in 2004. The core objective of this
project is a fundamental re-design of the business processes to achieve
operational efficiencies and increased productivity through leveraged use of
proven technology. All new business is now being processed on the new system
while conversion of older policies on to the new system has commenced. The
project continues to be on target to complete in 2005.
Corporate Business
The corporate business division is focused upon the sale of group pensions and
risk schemes to employers and their employees in Ireland. Corporate business is
the dominant provider in this sector with an estimated market share of in excess
of 40%. The business which is service driven, has achieved key competitive
advantage through continued and sustained investment in both its staff and
technology infrastructure in order to achieve sustainable improvement in service
levels.
The key driver of the corporate business market is employment growth and salary
levels within the Irish economy. The first half of 2004 saw an increase in
employment levels which benefited the business. Sales in corporate business in
the first half of 2004 increased 14% to Euro70.9m from Euro62.2m in the first half
2003 with strong growth in both new scheme sales and incremental sales.
Investment Management
Irish Life Investment Managers provides investment management services to the
group's life and pensions business in addition to directly managing large
segregated funds. Full value sales (including off balance sheet inflows) in the
first half of 2004 were Euro337m compared to Euro683m in 2003. The first half 2003
outcome included one large ticket sale which did not recur in 2004 and excluding
this item underlying sales were in line with 2003. As a result of these inflows,
combined with market growth, total funds under management increased to Euro17.9bln
at 30 June 2004 from Euro16.7bln at 31 December 2003, an increase of 8%.
Continued superior investment performance (in 2003 the group's key pension
managed fund was the top performing managed fund in Ireland, while the group's
consensus funds continue to track the benchmark index over all timeframes) has
generated a very significant pipeline of new business which it is expected will
complete in the second half of 2004.
Financial Review
Accounting Policies
The accounting polices applied in the interim financial statements for June 2004
are unchanged from the policies adopted in the 2003 annual report.
The group, in line with all companies listed in the European Union will be
required to prepare its financial statements in accordance with International
Financial Reporting Standards ("IFRS") from 1 January 2005. IFRS represent a
significant change from Republic of Ireland generally accepted accounting
policies (GAAP). At this stage the key remaining uncertainties are:-
* The industry-wide interpretation of the insurance standard (IFRS 4)
* Whether the European Union adopts in full or in part the standards on
financial instruments (IAS32 and IAS39)
The group has a project in place to ensure compliance with IFRS by 2005. This
project, which is group wide, is examining the impact of the standards,
including the required changes to GAAP and the group's accounting policies, and
also ensuring that all the necessary system and process changes are completed on
time.
In July 2004, the Accounting Standards Board ("ASB") issued Financial Reporting
Exposure Draft 34 "Life Assurance" which contains proposals to change the
accounting for life assurance business. If adopted as an accounting standard the
ASB intends that the proposals would apply to financial statements for the year
ended 31 December 2004. The proposals are currently the subject of much debate
and discussion within the industry and considerable uncertainty exists regarding
its interpretation. A final version of the proposal is not expected until
October 2004.
Group Overview
The total profit after tax for the six months ended 30 June 2004 is set out
below:-
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2004 30 June 2003 31 Dec 2003
eurom eurom eurom
Pre-tax contribution before short-term investment
fluctuations and other charges/credits
Republic of Ireland/UK Operations
Banking & Other Activities 55.4 74.8 128.8
Life Assurance Activities 105.0 96.9 189.7
Core pre tax Contribution 160.4 171.7 318.5
Share of Associate Company 25.4 16.3 45.2
Pre tax Contribution - ROI/UK 185.8 188.0 363.7
Contribution - US - 1.5 1.5
Total Pre tax Contribution 185.8 189.5 365.2
Short-term Investment Fluctuations
Life Assurance Activities 9.4 5.9 27.5
Share of Associate Company 0.6 0.8 (2.0)
Other Charges / Credits
Goodwill Charge (5.8) (5.9) (13.8)
Exceptional Items 2.0 (46.6) (47.1)
Economic Assumption Changes - (2.8) (20.2)
Profit before Tax and Minority Interest 192.0 140.9 309.6
Government Levy (6.1) (6.1) (12.2)
Taxation (21.8) (24.2) (35.9)
Minority Interest (0.5) 0.6 0.3
Total Profit after Tax 163.6 111.2 261.8
Total profit after tax and exceptional items for the six months to 30 June 2004
was Euro163.6m up 47% when compared to Euro111.2m in 2003. The pre tax profit after
exceptional items for the period was ahead 36% to Euro192.0m compared to Euro140.9m in
2003.
The 2004 outcome includes a net positive Euro10m of short-term investment
fluctuations (2003: Euro6.7m) reflecting the continued recovery in investment
markets in the first half of the year. Exceptional items in 2004 were a positive
Euro2.0m reflecting profits achieved on the disposal of surplus branch property in
the bank. This compares to negative exceptional items of Euro46.6m in 2003 which
principally relates to the loss on disposal of the group's last remaining US
operating company, Guarantee Reserve Life Insurance Company.
The total pre tax contribution in ROI/UK was Euro185.8m compared to Euro188.0m in
2003. The 2003 outcome included Euro26.0m in gains achieved on a repositioning of
the bank's investment portfolio and, adjusting for this once off item,
underlying growth in the pre tax contribution was 15%. While the reported
contribution from banking and other activities fell to Euro55.4m from Euro74.8m in
2003, the underlying pre tax contribution, excluding the impact of the
repositioning of the investment portfolio, was ahead 14% reflecting strong
growth in new mortgage lending combined with tight cost management (costs for
the six months to 30 June 2004 were 2% below the corresponding period in 2003).
The pre tax contribution from the group's life activities increased 8% to
Euro105.0m (2003: Euro96.9m) principally due to improved new business sales and strong
cost management (costs in the first half 2004 were down 3% on first half 2003).
Reflecting an improved underwriting performance, particularly driven by better
claims experience, the contribution from the group's holding in Allianz Irish
Life, a general insurance business, increased to Euro25.4m from Euro16.3m in the first
half 2003.
Banking and Other Activities
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2004 30 June 2003 31 Dec 2003
eurom eurom eurom
Net Interest Income 171.8 163.5 331.9
Other Operating Income 3.5 12.9 18.7
Investment Book Gains - 26.0 26.0
175.3 202.4 376.6
Administrative Expenses (112.9) (114.9) (227.1)
Provision for Bad & Doubtful Debts (4.1) (6.3) (13.4)
58.3 81.2 136.1
Pre tax Contribution from Other Activities (2.9) (6.4) (7.3)
55.4 74.8 128.8
The pre tax contribution generated by the group's banking and other activities
in the first half 2004 was Euro55.4m compared to Euro74.8m in 2003. The pre tax
contribution of the banking activities was Euro58.3m compared to Euro81.2m in 2003.
The 2003 outcome included capital gains of Euro26.0m realised on the repositioning
of part of the bank's investment book as Euro interest rates fell in the first
half of 2003. Excluding these capital gains, which were once off in nature, the
underlying level of contribution growth from banking and other activities in
2004 was 14% reflecting strong growth in new mortgage lending and a 2% reduction
in administrative expenses. These offset the negative impact of Euro interest
rate reductions in 2003 on the net interest margin in 2004, and a reduction in
other operating income as a consequence of higher levels of fees and commissions
payable reflecting higher new business volumes.
Net interest income increased 5% to Euro171.8m from Euro163.5m in the first half 2003.
Strong new mortgage lending, ahead 41% in the Republic of Ireland compared to
the first half 2003, offset the negative impact which reductions in Euro
interest rates in the first half 2003 had on the bank's retail deposit book and
a lower running yield on the investment book as a consequence of the
repositioning of the portfolio last year.
The net interest margin for the first half 2003 was 1.44% compared to a margin
of 1.63% reported for the full year 2003 and 1.70% for the first half 2003. The
reduction in Euro interest rates in the first half of 2003 led to downward
pressure on retail margins in the second half of 2003 and the first half of 2004
due to the impact of retail deposit floors. In addition the high levels of new
lending business and strong growth in asset balances led to a requirement to
fund this growth largely in the wholesale markets which in turn led to a
dilution in the reported margin.
Other operating income fell to Euro3.5m from Euro12.9m in the first half 2003. Fees
and commissions payable, which are offset against other income, increased Euro5.3m
to Euro21.0m as a result of the increased volumes of new residential mortgages
while dealing profits fell to Euro0.3m from Euro5.5m in the first half 2003.
The reported other operating income in the group's banking operations includes
no contribution from bancassurance sales as, in line with the group's accounting
policies, bancassurance earnings are reflected in the pre tax contribution
reported within the group's life assurance activities. The pre tax contribution
achieved on the bancassurance book of life business in the first half 2004 was
Euro18.5m, ahead 35% when compared to Euro13.7m in the first half 2003.
Administrative expenses fell 2% to Euro112.9m from Euro114.9m in the first half 2003.
Having regard to the underlying level of inflation within the Irish economy this
represents achievement of real cost reductions in the order of 6% to 7%. Cost
management will continue to be a key focus within the bank through the remainder
of the year and into 2005.
The charge for bad debt provisions of Euro4.1m in 2004 compares to Euro6.3m in 2003
and reflects the robust credit quality which prevails within all of the group's
loan portfolios where realised bad debt loss levels are insignificant.
Provisions held against the portfolios continue to be conservative with a
reserve ratio of 51 basis points compared to an arrears ratio of 21 basis
points.
Life Assurance Activities - Republic of Ireland/UK Contribution
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2004 30 June 2003 31 Dec 2003
eurom eurom eurom
Contribution from in-force Business
Unwind of Discount Rate 51.2 45.3 89.1
Experience Variances 4.0 8.5 17.5
Horizon Development Expenditure - - (11.3)
Operating Assumption Changes
- Horizon - - 11.3
- Other 19.8 19.2 26.2
Expected Investment Return 2.1 1.8 4.9
Other Income 3.4 2.6 6.3
Pre tax Contribution 80.5 77.4 144.0
New Business Contribution 24.5 19.5 45.7
Total Pre tax Contribution 105.0 96.9 189.7
The total pre tax contribution for the 6 months ended 30 June 2004 was Euro105.0m,
an increase of 8% on 2003.
The contribution from the in-force book increased 4% to Euro80.5m compared to
Euro77.4m in 2003.
The unwind of the discount rate increased 13% to Euro51.2m (2003: Euro45.3m)
reflecting the impact of growth in the in-force book combined with an increase
in the risk discount rate at 31 December 2003. Experience variances for the
first half 2004 remained positive at Euro4.0m compared to Euro8.5m in the first half
2003. Experience variances in the Irish life operations were positive at Euro9.2m
(principally reflecting a good outcome on mortality) compared to Euro10.4m in 2003
reflecting the conservative nature of the underlying embedded value assumptions.
Experience variances within the UK life operations were a negative Euro5.2m as the
technical reserves required within the portfolio were strengthened. This
compares to a negative experience of Euro1.9m in 2003.
In the year ended 2003 development expenditure on the Horizon project of Euro11.3m
was written off in the embedded value as synergy gains arising from the
deployment of the technology were realised during the year. The capitalised
impact of these synergy gains, a positive Euro11.3m, was recognised as a change in
operating assumptions in 2003. No similar synergy gains were recognised in the
first half of 2004 nor was any further development expenditure written off.
Total expenditure on the project of Euro25.1m was carried forward at 30 June 2004
and will be charged as the development is implemented and cost savings realised.
These impacts are expected to be earnings neutral.
Operating assumption changes, principally relating to mortality and expense
experience, had a total positive impact of Euro19.8m on the embedded value in the
first half of 2004. This compares to Euro19.2m in the first half of 2003, which
principally related to expense assumption changes following the disposal of the
group's industrial branch business in 2002.
The assumptions underlying the embedded value continue to be conservatively
based and it is expected that experience against assumptions will remain
positive going forward.
The expected investment return is calculated by reference to the assumed
long-term investment return for equities and property included within the
embedded value combined with the actual earnings on short-term cash. The
expected return in the first half 2004 of Euro2.1m compares to Euro1.8m in 2003.
Other income, which principally represents the net contribution from Cornmarket
and Irish Progressive Services International, increased to Euro3.4m from Euro2.6m.
The contribution from new business in the first half 2004 increased 26% to
Euro24.5m from Euro19.5m in 2003. The principal reason for this uplift in new business
contribution was the 22% increase in new business sales from Euro154.2m to Euro187.5m.
Life new business margins in Ireland for the half year 2004 were 12.7% (2003:
11.9%) made up as follows:
30 June 30 June
2004 2003
% %
Life Operations 12.8 12.1
Investment Management 12.1 10.6
12.7 11.9
The improvement in margins in the group's life operations principally reflects
the impact of higher sales volumes compared to the first half of 2003. Margins
in the life operations improved from 12.1% in the first half 2003 to 12.8% in
the first half 2004 due to increased sales levels and a continued focus on cost
management which offset the impact of competitive pricing pressures particularly
in the protection market and the impact of lower margin PRSA sales. The
improvement in investment management margins in the first half 2004 is
principally due to a more favourable mix of new business.
Contribution - US
The group completed the disposal of Guarantee Reserve Life Insurance Company,
its last remaining US operating company, on 30 June 2003. The pre tax operating
contribution from the Company up to the date of disposal was Euro1.5m. No
contribution arises in 2004.
Short Term Investment Fluctuations ("STIFs")
The continued recovery in investment markets during the first half of 2004
resulted in positive STIFs of Euro10.0m compared to a positive Euro6.7m in 2003. These
STIFs principally reflect unit linked management fees variances in the group's
life assurance business.
Other Credits/(Charges)
The positive exceptional item in the first half 2004 of Euro2.0m comprises profits
achieved on the disposal of surplus bank branch properties. The negative
exceptional item in the first half 2003 of Euro46.6m reflects the book loss arising
on the disposal of Guarantee Reserve (Euro49.6m) and profits achieved on the
disposal of surplus bank branch properties (Euro3.0m).
Taxation
A charge of Euro6.1m (2003: Euro6.1m) arises in the half year to 30 June 2004 in
consequence of the Irish Government's decision to levy a discriminatory charge
of Euro100m per annum on the deposit taking business of the Irish domestic banks.
The group's share of this charge until 2005 is Euro12.2m per annum.
The group's normal taxation charge for the six months to 30 June 2004 of Euro21.8m
compares to Euro24.2m in 2003 and represents an effective tax rate of 11%.
Capital and Liquidity
The group's capital and liquidity remained strong at 30 June 2004. The Tier 1
and total capital ratios were 10.1% (31 December 2003: 11.1%) while the
liquidity ratio within the group's banking business was 27% (31 December 2003:
26%). The solvency margin in Irish Life Assurance plc, the group's principal
life assurance business, was covered 1.8 times by available assets (31 December
2003: 1.8 times).
In August 2004 the group raised Euro150m in additional upper Tier 2 capital within
its banking operations. As a result of this transaction the group is very
comfortably positioned as regards its capital requirements in the future.
Dividends
The directors have declared an interim dividend of 16.5 cent for the first six
months of 2004. This compares to an interim dividend paid in 2003 of 15.0 cent.
The dividend will be paid on 15 November 2004 to shareholders on the register as
at 8 October 2004. The ex dividend date is 6 October 2004.
For further information contact:
Name Telephone No. Mobile No. Email address
Barry Walsh 353 1 704 2678 087 681 8157 barry.walsh@irishlife.ie
David McCarthy 353 1 856 3050 087 256 7292 david.mccarthy@irishlife.ie
Media:
Ray Gordon 353 1 678 8099 087 241 7373 ray@mrpa.ie
Group Profit and Loss Account six months ended 30 June 2004
As restated
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
Notes 2004 2003 2003
eurom eurom eurom
Banking and other activities
Interest receivable and similar 6 434.3 389.4 712.0
income
Interest payable and similar (262.5) (225.9) (380.1)
charges
Net interest income 171.8 163.5 331.9
Fees and commission receivable 22.7 22.2 45.0
Fees and commission payable (21.0) (15.7) (34.9)
Dealing profits 0.3 5.5 6.1
Other banking income 7 1.5 26.9 28.5
Income from other activities 3.2 2.9 6.1
178.5 205.3 382.7
Administrative expenses 8 (119.0) (124.2) (240.5)
Provision for bad and doubtful 9 (4.1) (6.3) (13.4)
debts
Profit arising from banking and 55.4 74.8 128.8
other activities
Life assurance activities
Earned premiums
Continuing operations 1,401.5 1,024.8 2,307.5
Discontinued operations - USA - 62.3 60.8
1,401.5 1,087.1 2,368.3
Investment return 813.7 599.0 1,625.7
Increase in shareholders' value 65.8 15.3 40.6
of in-force business
Claims incurred (641.2) (575.2) (1,191.9)
Change in other technical
provisions
Non unit linked business (133.8) (22.9) (3.3)
Unit linked business (1,253.0) (829.5) (2,306.1)
Operating expenses 8 (137.4) (168.9) (317.2)
Tax attributable to life 10 (9.1) (13.0) (25.9)
assurance activities
Profit arising from life 106.5 91.9 190.2
assurance activities after
taxation
Tax attributable to the profit 10 7.9 9.6 8.3
on life assurance activities
Profit arising from life 2 114.4 101.5 198.5
assurance activities before
taxation
Goodwill charge (5.8) (5.9) (13.8)
Profit arising from operating activities
Continuing operations 164.0 169.4 312.5
Discontinued operations - USA - 1.0 1.0
164.0 170.4 313.5
Group Profit and Loss Account six months ended 30 June 2004
As restated
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
Notes 2004 2003 2003
eurom eurom eurom
Profit arising from operating activities brought forward 164.0 170.4 313.5
Share of profits of associate company 26.0 17.1 43.2
190.0 187.5 356.7
Profit on disposal of fixed assets 4 2.0 3.0 3.2
Loss arising on disposal of US business 4 - (49.6) (50.3)
Profit on ordinary activities before taxation 192.0 140.9 309.6
Tax on profit on ordinary activities 10 (27.9) (30.3) (48.1)
164.1 110.6 261.5
(Profit)/loss attributable to minority interests (0.5) 0.6 0.3
Profit for the financial period after taxation 163.6 111.2 261.8
Dividends - interim (44.5) (40.4) (40.6)
Dividends - final - - (97.0)
Profit retained for the period 119.1 70.8 124.2
Earnings per share (cent) 11 62.2 42.3 99.5
Fully diluted earnings per share (cent) 11 61.8 42.2 99.3
Earnings per share including own shares held
for the benefit of life assurance policyholders (cent) 11 60.7 41.3 97.2
Earnings per share based on total contribution including own
shares held for the benefit of life assurance policyholders 11 55.8 58.2 111.6
(cent)
Group Balance Sheet as at 30 June 2004
As restated
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2004 2003 2003
eurom eurom eurom
ASSETS
Attributable to banking and other activities
Cash and balances at central banks 135.5 211.0 187.0
Government bills and other eligible - 114.8 86.8
bills
Loans and advances to credit 3,667.4 1,749.9 2,781.2
institutions
Loans and advances to customers 18,078.0 14,274.7 16,027.5
Securitised assets - mortgage assets 1,013.1 1,291.1 1,098.7
Less: non recourse funding (990.2) (1,269.2) (1,076.1)
22.9 21.9 22.6
Debt securities - listed 2,730.3 3,021.2 2,600.6
Interest in associate company 107.2 69.5 90.8
Investment properties 23.6 23.6 23.6
Tangible fixed assets 213.5 222.0 221.3
Other assets/debtors
- Amounts falling due within one year 31.8 26.9 175.7
- Amounts falling due after one year 17.4 18.2 17.8
Prepayments and accrued income 228.3 256.6 212.5
Total assets attributable to banking and other activities 25,255.9 20,010.3 22,447.4
Attributable to life assurance activities
Investments:
Investment properties 97.3 114.6 97.8
Equity shares and units in unit 155.6 182.3 148.4
trusts
Debt and other fixed income 1,696.7 1,661.9 1,651.0
securities
Loans secured by mortgages and 2.7 4.4 3.1
policies
Deposits with credit institutions 546.9 493.2 602.0
2,499.2 2,456.4 2,502.3
Assets held to cover linked 14,158.9 11,410.0 12,847.4
liabilities
Shareholders' value of in-force 947.3 858.7 878.3
business
Reinsurer's share of technical 1,241.3 1,255.7 1,298.3
provisions
Other assets/debtors
- Amounts due within one year 183.2 162.7 127.0
- Amounts falling due after one year 66.1 63.5 64.9
249.3 226.2 191.9
Tangible fixed assets 45.6 43.3 45.3
Cash at bank 55.7 59.4 49.9
Prepayments and accrued income 66.6 79.2 51.8
Total assets attributable to life assurance activities 19,263.9 16,388.9 17,865.2
Intangible assets
Goodwill on acquisition 191.8 205.5 197.6
Total assets 44,711.6 36,604.7 40,510.2
Group Balance Sheet as at 30 June 2004
As restated
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2004 2003 2003
Notes eurom eurom eurom
LIABILITIES
Attributable to banking and other activities
Deposits by credit institutions 1,894.5 2,561.7 2,759.0
Customer accounts 11,518.4 10,102.2 10,060.4
Debt securities in issue 10,440.9 6,251.6 8,081.4
Other liabilities/creditors
- Amounts falling due within one 59.7 59.1 43.5
year
Accruals 88.5 63.9 198.5
Dividends 44.5 40.4 97.0
Provision for liabilities and 20.3 15.9 20.8
charges
Subordinated liabilities 781.8 636.2 793.9
Total liabilities attributable to banking and other activities 24,848.6 19,731.0 22,054.5
Attributable to life assurance activities
Life assurance technical provisions 3,259.5 3,144.6 3,176.8
Technical provision for linked 14,213.4 11,464.5 12,902.0
liabilities
Other liabilities/creditors
- Amounts falling due within one 181.3 221.4 274.7
year
Accruals 31.0 30.8 43.8
Provision for deferred taxation - 8.8 1.3
Total liabilities attributable to life assurance activities 17,685.2 14,870.1 16,398.6
Capital and reserves
Share capital 86.3 86.2 86.2
Share premium 51.8 51.2 51.2
Other capital reserves 6.9 6.9 6.9
Revaluation reserve 79.5 80.4 80.6
Retained profits 1,999.5 1,825.9 1,879.0
2,224.0 2,050.6 2,103.9
Own shares held for the benefit of 1 (54.5) (54.5) (54.6)
life assurance policyholders
Shareholders' funds attributable to equity interests 2,169.5 1,996.1 2,049.3
Equity minority interests - life assurance activities 8.3 7.5 7.8
Total liabilities 44,711.6 36,604.7 40,510.2
Statement of Total Recognised Gains & Losses six months ended 30 June 2004
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Profit for the financial period 163.6 111.2 261.8
Gains on revaluation of tangible fixed assets - 80.4 80.6
Exchange adjustments on investment in overseas subsidiaries net
of exchange adjustments on related foreign currency borrowings 0.3 (2.7) (3.0)
Total recognised gains and losses relating to the period 163.9 188.9 339.4
Reconciliation of Movement in Shareholders' Funds six months ended 30 June 2004
As restated
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
At 1 January 2,049.3 1,844.4 1,844.4
Total recognised gains and losses 163.9 188.9 339.4
Dividends paid and proposed (44.5) (40.4) (137.6)
Issue of share capital 0.7 1.9 1.9
Change in cost of own shares held for the benefit of life assurance 0.1 1.3 1.2
policyholders
At period end 2,169.5 1,996.1 2,049.3
Group Cash Flow Statement six months ended 30 June 2004
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Net cash (outflow) / inflow from banking and other activities (32.0) 226.4 (989.6)
Net cash inflow from life assurance activities 138.0 33.1 43.3
Net cash inflow / (outflow) from operating activities 106.0 259.5 (946.3)
Dividends received from associate company 5.1 - -
Returns on investment and servicing of finance
Interest paid on subordinated loan (35.9) (33.9) (38.4)
Taxation
Tax paid (7.1) (15.8) (44.4)
Capital expenditure and financial investment
Purchase of tangible fixed assets (7.2) (8.1) (19.9)
Sale of tangible fixed assets 4.5 6.5 12.2
Equity dividends paid (97.0) (89.3) (129.7)
Financing
Shares issued 0.7 1.9 1.9
Issue of subordinated liabilities - 10.1 159.7
(Decrease) / increase in cash (30.9) 130.9 (1,004.9)
Notes to the Group Interim Financial Statements six months ended 30 June 2004
1. Changes in Accounting Policies & Presentation of Information
The accounting policies are unchanged from those outlined on pages 34 to 37 of
the 2003 annual report. The June 2003 comparative figures have been restated
following the implementation in December 2003 of UITF Abstract 37, "Purchases
and sales of own shares". As required by the UITF Abstract, the cost of shares
held by Irish Life Assurance plc, the principal life assurance subsidiary of the
group, for the benefit of its policyholders at 30 June 2003 (euro54.5m) has been
deducted from shareholders funds. This deduction is presented as a separate line
on the balance sheet. As a consequence, the related liabilities have been
restated and no net profit or loss impact arises.
The impact of the restatement on the profit and loss account and balance sheet
of the group for June 2003 was as follows:
June 2003 Restatement June 2003
as reported eurom as restated
eurom eurom
Profit and Loss account
Life assurance activities
Investment return 593.3 5.7 599.0
Change in other technical
provisions
unit linked business (823.8) (5.7) (829.5)
Balance Sheet
Assets attributable to life assurance activities
Assets held to cover linked 11,471.3 (61.3) 11,410.0
liabilities
Liabilities attributable to life assurance activities
Technical provision for linked 11,471.3 (6.8) 11,464.5
liabilities
Capital and reserves
Own shares held for the benefit of
life
assurance policyholders - (54.5) (54.5)
2. Analysis of the profit and loss account : supplementary information
The profit before tax includes the results of the life business on an embedded
value basis and reflects the impact of investment market fluctuations on the
group's results. The following analyses show:
(a) The contribution from the group and associate company on the basis of an assumed longer term level of
investment return on the assets of the group's life and the associate company's general
insurance business and before goodwill and other charges/credits.
(b) An analysis of the components of the embedded value earnings of the life business.
(a) Contribution before short term investment fluctuations, goodwill and other credits/(charges)
6 months to 30 June 2004
Ireland UK Total
eurom eurom eurom
Life assurance activities (b) 101.1 3.9 105.0
Banking and other activities 40.7 14.7 55.4
Group Contribution 141.8 18.6 160.4
Share of associate's contribution 25.4 - 25.4
Total Contribution 167.2 18.6 185.8
6 months to 30 June 2003
Ireland UK Total
eurom eurom eurom
Continuing Operations
Life assurance activities (b) 93.3 3.6 96.9
Banking and other activities 63.4 11.4 74.8
Group Contribution 156.7 15.0 171.7
Share of associate's contribution 16.3 - 16.3
Total Contribution - Continuing Operations 173.0 15.0 188.0
Discontinued US life operations 1.5
Total Contribution 189.5
12 months to 31 December 2003
Ireland UK Total
eurom eurom eurom
Continuing Operations
Life assurance activities (b) 183.7 6.0 189.7
Banking and other activities 103.2 25.6 128.8
Group Contribution 286.9 31.6 318.5
Share of associate's contribution 45.2 - 45.2
Total Contribution - Continuing Operations 332.1 31.6 363.7
Discontinued US life operations 1.5
Total Contribution 365.2
The total contribution is reconciled to the profit and loss account as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Total Contribution 185.8 189.5 365.2
Short term investment fluctuations
Life assurance 9.4 5.9 27.5
Share of associate company 0.6 0.8 (2.0)
Goodwill charge (5.8) (5.9) (13.8)
Effect of economic assumption changes on life - (2.8) (20.2)
assurance profits
Other credits/(charges) 2.0 (46.6) (47.1)
Profit before tax 192.0 140.9 309.6
(b) Analysis of contribution from life assurance activities
6 months to 30 June 2004
Ireland UK Total
eurom eurom eurom
New business contribution 23.6 0.9 24.5
Contribution from existing business
Unwind of discount rate 46.9 4.3 51.2
Experience variances 9.2 (5.2) 4.0
Operating assumption changes (i) 16.4 3.4 19.8
Expected investment returns 1.6 0.5 2.1
Other income 3.4 - 3.4
Contribution from life assurance activities 101.1 3.9 105.0
Short term fluctuations in investment returns 9.4
Life assurance achieved profits 114.4
6 months to 30 June 2003
Ireland UK Total
eurom eurom eurom
Continuing Operations
New business contribution 18.2 1.3 19.5
Contribution from existing business
Unwind of discount rate 41.2 4.1 45.3
Experience variances 10.4 (1.9) 8.5
Operating assumption changes (i) 19.9 (0.7) 19.2
Expected investment returns 1.0 0.8 1.8
Other income 2.6 - 2.6
Contribution from life assurance activities 93.3 3.6 96.9
Contribution from discontinued US life assurance activities 1.5
Short term fluctuations in investment returns 5.9
Effect of economic assumption changes (2.8)
Life assurance achieved profits 101.5
12 months to 31 December 2003
Ireland UK Total
eurom eurom eurom
Continuing Operations
New business contribution 42.0 3.7 45.7
Contribution from existing business
Unwind of discount rate 80.2 8.9 89.1
Experience variances 23.6 (6.1) 17.5
Development expenditure (11.3) - (11.3)
Operating assumption changes (i) 39.0 (1.5) 37.5
Expected investment returns 3.9 1.0 4.9
Other income 6.3 - 6.3
Contribution from life assurance activities 183.7 6.0 189.7
Contribution from discontinued US life assurance activities 1.5
Short term fluctuations in investment returns 27.5
Effect of economic assumption changes (20.2)
Life assurance achieved profits 198.5
(i) Operating assumption changes are outlined on page 9 of the Operating and Financial Review.
3. Analysis of shareholder net assets
30 June 2004 30 June 2003 31 Dec 2003
eurom eurom eurom
Life assurance activities
Ireland 1,545.3 1,484.3 1,439.5
UK 87.9 89.0 81.7
1,633.2 1,573.3 1,521.2
Banking and other activities
Ireland 249.8 154.0 262.7
UK 50.3 55.8 39.4
300.1 209.8 302.1
Associate company 107.2 69.5 90.8
Attributable to goodwill 191.8 205.5 197.6
Minority Interest - life assurance activities (8.3) (7.5) (7.8)
Shareholders' funds 2,224.0 2,050.6 2,103.9
Deduction in respect of own shares held for the
benefit of life assurance policyholders (54.5) (54.5) (54.6)
2,169.5 1,996.1 2,049.3
Life assurance assets are analysed as follows:
30 June 2004 30 June 2003 31 Dec 2003
eurom eurom eurom
Shareholders' net assets (life assurance activities)
Property 92.1 101.7 89.8
Equities 15.1 20.7 27.0
Fixed interest 19.0 18.9 18.4
Deposits 448.3 420.0 417.5
Other assets 111.4 153.3 90.2
685.9 714.6 642.9
Shareholders' value of in-force business 947.3 858.7 878.3
1,633.2 1,573.3 1,521.2
The shareholders' value of in-force business excludes the solvency capital attributable to shareholders of
euro296.1m (31 December 2003: euro276.1m).
Shareholders' value of in-force business is net of a deduction of euro51.3m (31 December 2003: euro47.0m) in
respect of the cost of maintaining the solvency margin.
4. Other credits/(charges)
a. Disposal of fixed assets
During the six months to 30 June 2004 the group disposed of a number of
branch properties, the profit realised on these sales was euro2.0m (30
June 2003: euro3.0m). Profits realised for the 12 months to 31 December 2003
were euro3.2m.
b. Disposal of US business
On 30 June 2003 the group disposed of its remaining US subsidiary Guarantee
Reserve Life Insurance Company. The financial statements at 30 June 2003
included a loss on disposal of euro49.6m (31 December 2003: euro50.3m)
5. New life assurance business
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Full value premiums
Ireland
Recurring 111.0 89.7 167.7
Single 751.8 631.2 1,482.5
United Kingdom
Recurring 0.9 0.9 1.9
Single 4.3 4.9 18.0
USA (Discontinued)
Recurring - 17.9 17.5
868.0 744.6 1,687.6
Annual premium equivalent
Ireland 186.2 152.8 316.0
UK 1.3 1.4 3.7
USA (Discontinued) - 17.9 17.5
187.5 172.1 337.2
Annual premium equivalent is calculated by weighting single premium business written at 10% of premium and annual
premium business at 100% of premium.
6. Interest receivable and similar income
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Loans and advances to customers 317.4 288.7 510.4
Loans and advances to credit institutions 49.8 48.6 49.2
Debt securities and other fixed income securities 36.2 19.4 88.4
Lease and instalment finance 30.9 32.7 64.0
434.3 389.4 712.0
7. Other banking income
Other banking income in 2003 included euro26.0m realised profits on the
disposal of debt securities as part of a strategy to reposition the
portfolio in response to the reduction in market interest rates.
8. Operating and administrative expenses
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
(a) Attributable to banking and other activities
Banking operating expenses 112.9 114.9 227.1
Corporate costs 3.9 7.2 9.1
Other activities 2.2 2.1 4.3
119.0 124.2 240.5
(b) Attributable to life assurance activities
Life assurance operating expenses 97.2 113.8 214.8
Acquisition expenses 37.6 52.0 86.7
Corporate costs 2.6 3.1 4.4
Development expenditure - - 11.3
137.4 168.9 317.2
9. Provision for bad and doubtful debts
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Opening balance 91.7 85.6 85.6
Charged to the profit and loss account 4.1 6.3 13.4
Amounts written off (2.9) (3.5) (7.3)
Closing balance 92.9 88.4 91.7
The closing balance is made up as follows:
Specific 38.0 37.0 37.3
General 54.9 51.4 54.4
Closing balance 92.9 88.4 91.7
10. Taxation
(a) Tax attributable to life assurance activities
Tax attributable to life assurance is analysed below and includes amounts in
respect of policyholders and the tax on the change in shareholders' value of
in-force business which is calculated with reference to the effective
corporation tax rate applicable in each of the relevant territories.
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Corporation taxation 10.3 11.7 27.0
Overseas tax - (0.6) (0.8)
Deferred taxation (1.2) 3.5 (3.5)
Duties and levies - 1.3 1.3
Tax on change in shareholders' value of in-force business - (2.9) 1.9
9.1 13.0 25.9
(b) Tax attributable to profit on ordinary activities is analysed as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
eurom eurom eurom
Tax attributable to profit on life assurance activities
Corporation tax 7.9 12.5 6.4
Tax on change in shareholders' value of in-force business - (2.9) 1.9
7.9 9.6 8.3
Corporation tax on banking and other activities 9.5 11.8 15.5
Deferred tax (credit) / charge on banking and other activities (0.5) (1.2) 3.7
Tax attributable to group's share of profits of
associate company 4.5 2.6 7.4
Tax on disposal of properties 0.4 1.4 1.0
21.8 24.2 35.9
Government levy on financial institutions 6.1 6.1 12.2
27.9 30.3 48.1
11. Earnings per share
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
(a) Basic EPS
Profit for the financial period after taxation euro163.6m euro111.2m euro261.8m
Weighted average ordinary shares in issue and ranking for
dividend excluding own shares held for the benefit of life 263,146,299 262,881,132 262,989,230
assurance policyholders
EPS 62.2 cent 42.3 cent 99.5 cent
(b) Fully diluted EPS
Weighted average of potential dilutive ordinary shares
arising from the group's share option schemes 1,778,982 373,727 615,402
Weighted average number of ordinary shares used in
the calculation of fully diluted EPS 264,925,281 263,254,859 263,604,632
Fully diluted EPS 61.8 cent 42.2 cent 99.3 cent
(c) Basic EPS including own shares held for the benefit of life assurance policyholders
As permitted under Irish Legislation the group's life assurance subsidiary holds
shares in Irish Life & Permanent plc for the benefit of policyholders.
Under accounting standards these are now required to be deducted from the
total number of shares in issue when calculating EPS. In view of the fact that
Irish Life & Permanent plc does not hold the shares for its own benefit, EPS
based on a weighted average number of shares in issue is also disclosed.
The calculation is set out below:
Weighted average ordinary shares in issue and ranking for dividend
excluding own shares held for the benefit of life assurance 263,146,299 262,881,132 262,989,230
policyholders
Weighted average ordinary shares held for the benefit of life 6,408,176 6,435,331 6,414,328
assurance policyholders
Weighted average ordinary shares in issue and ranking for dividend
including own shares held for the benefit of life assurance 269,554,475 269,316,463 269,403,558
policyholders
Basic EPS including own shares held for the benefit of life 60.7 cent 41.3 cent 97.2 cent
assurance policyholders
(d) EPS based on total contribution including own shares held for the benefit of life assurance policyholders
6 months 6 months 12 months
to 30 June to 30 June to 31 Dec
2004 2003 2003
Per Share Per Share Per Share
Cent Cent Cent
Earnings as reported above 60.7 41.3 97.2
Adjustments
Short term investment fluctuations (3.7) (2.5) (9.5)
Goodwill 2.1 2.2 5.1
Profit on the disposal of property (0.7) (1.1) (1.2)
Loss on disposal of US business - 18.4 18.7
Effect of economic assumption changes on life assurance profit - 1.0 7.5
Taxation relating to the adjustments (2.8) (0.9) (6.1)
Minority interest 0.2 (0.2) (0.1)
Total contribution after taxation 55.8 58.2 111.6
Weighted average ordinary shares in issue and ranking for dividend
including own shares held for the benefit of life assurance 269,554,475 269,316,463 269,403,558
policyholders
EPS based on total contribution including own shares held for the 55.8 cent 58.2 cent 111.6 cent
benefit of life assurance policyholders
The EPS based on total contribution is presented to illustrate the underlying
movement in earnings of the group and as such excludes short term investment
fluctuations, items of an exceptional nature, goodwill and minority interests.
12. Embedded Value Profits
The principal economic assumptions used in the calculation of shareholders'
value of in-force are as follows
Ireland UK
30 June 31 Dec 30 June 31 Dec
2004 2003 2004 2003
% % % %
Risk discount rate 8.00 8.00 8.40 8.00
Investment returns
Fixed Interest 2.9 to 4.9 3.0 to 4.9 5.00 4.75
Equities & Property 6.25 6.25 7.15 6.75
Expense inflation 4.00 4.00 2.90 2.75
Assumptions made for demographic factors such as mortality and morbidity are
based on published tables of rates adjusted in line with the experience of the
companies concerned. Assumptions in respect of withdrawals and expense levels
are based on the experience of the companies concerned. Economic assumptions are
based on a long term view of economic activity using external economic
conditions at the balance sheet date as a starting point.
The shareholders' value of in-force and the new business contribution allows for
the cost of maintaining the statutory minimum solvency margin. Recurring single
premiums are not assumed to recur in the calculation of the shareholders' value
of in-force.
Allowance is made for taxation by using models which reflect the relevant
taxation regimes affecting different classes of products; no credit is taken in
respect of any reductions of taxes which may derive from expenses attributable
to future business.
13. Approval of Group interim financial statements
The Group interim financial statements were approved by the board on
31 August 2004.
Independent review report to Irish Life & Permanent plc for the six months ended
30 June 2004
Introduction
We have been instructed by the company to review the financial information set
out on pages 12 to 29 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Listing
Rules of the Irish Stock Exchange. Our review has been undertaken so that we
might state to the company those matters we are required to state to it in this
report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other then the company for our
review work, for this report or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Irish Stock Exchange which require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4: Review of interim financial information issued by the Auditing Practices
Board for use in Ireland and the United Kingdom. A review consists principally
of making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.
A review is substantially less in scope than an audit performed in accordance
with Auditing Standards and therefore provides a lower level of assurance than
an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.
KPMG
Chartered Accountants
Registered Auditors
1 Harbourmaster Place
IFSC
Dublin 1
31 August 2004
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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