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1PAGE
2010 FINAL RESULTS
FINAL RESULTS
2010:
2PAGE
2010 FINAL RESULTS
Forward looking statement
A number of statements we make in our presentation and in the accompanying slides will not be based on historical fact, but will be “forward-looking” statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward looking statements. Factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to, global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competitive and regulatory factors and technology change.
Irish Life & Permanent undertakes no obligation to update the forward-looking statements contained in this presentation. Forward-looking statements made in this presentation relate only to events as of the date on which they are made.
3PAGE
2010 FINAL RESULTS
Index
SECTION: PAGE:Business reviewReview of life business 05Review of banking business 11Strategic agenda & Summary 18
Financial ReviewGroup earnings 21Funding 26Arrears 27Loan impairments 29Capital 31Outlook 33
Additional information 34
4PAGE
2010 FINAL RESULTS
LIFE PERFORMANCE RECOVERY
BANK MANAGING KEY CHALLENGES
OVERALL RESULTS IN-LINE WITH 2009
Business Review
Life* profits recover
Impairments rise in bank
Overall result -€197m
Operating profit 57%
Business retention improving
Net interest income improved**
Retail deposits strong
Impairments increase
STRATEGY Making progress* Life & Fund Management
** Excl. ELG charge
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
5PAGE
2010 FINAL RESULTS
Profitability - recovery
Retention - improvement
Sales – ahead
Life & Fund Management Business
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
6PAGE
2010 FINAL RESULTS
New business earnings
Margins flat
Reduced pension sales offset by strong investment inflows
In-force earnings
Strong risk profits
Lower persistency variance
Life: Recovery in Profitability
2010
New business
In-force
Operating profit
€m
52
108
160
▲%
+2
+112
+57
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
7PAGE
2010 FINAL RESULTS
RetailLapses peaked Q1 2009Significant improvement during yearBudget impact on Q4 performanceActions on:
Seller / distribution remunerationProduct features / flexibilityMIS and activity management
CorporatePolicy lapses peaked in H2 2009Trends improving through year end 2010
Life: Retention Improved
Retail: Returning to long term lapse assumptions
Lapses v LTA
Quarter 1
Quarter 2
Quarter 3
Quarter 4
FY
2010
134%
123%
100%
129%
121%
2009
192%
159%
139%
147%
159%
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
Change
+58%
+36%
+39%
+21%
+38%
8PAGE
2010 FINAL RESULTS
Life: Sales Recovery
2009 2010 2011 2012
RETAIL DECLINE STABLE RECOVERY GROWTH
CORPORATE DECLINE DECLINE STABLE RECOVERY
ILIM GROWTH GROWTH GROWTH GROWTH
Bottom of cycle
Retail LifeSharp declines in 2008 & 2009 but stabilised in 2010Demand driven by strong consumer confidence and by improvement in equity markets
Corporate LifeDeclines in 2009 & 2010Resumption of salary and employment growth required to drive sales
ILIM – benefiting fromStrong track record Sector consolidation
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
9PAGE
2010 FINAL RESULTS
Life: Sales Ahead
Overall sales 6%
Single premium life sales 1%Investment bonds 20% Pension 5%
Annual premium life sales 20%Low salary growth and recruitmentSME cash-flow weak
ILIM continues to outperformInflows to €2.5bn
2010
Retail
Corporate
ILIM & ILI
Total
€m
146
137
289
572
▲%
(8)
(16)
+34
+6
* APE basis
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
10PAGE
2010 FINAL RESULTS
>>>
>>>
>>>PROFITABILITY:
RETENTION: Back to normal variances
SALES:
Life: Outlook
Recovery in line with expectations
Sustained recovery
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
11PAGE
2010 FINAL RESULTS
Funding – responding to debt crisis
Impairments – increased provisions
Profitability – pricing and cost cutting actions
Strategy – sector restructure
Banking Business
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
12PAGE
2010 FINAL RESULTS
Bank: Funding 2010
Retail deposit growth via branches and broker distribution
Corporate depositsOutflows similar to H1 2010Impacted by Sovereign and bank downgrades
€5bn term debt issuance to end Aug.
Funding ratiosDec 10 Dec 09
Stable 52% 48%LTD 249% 246%
Addition of €3.6bn INBS depositsOn pro-forma basis would improve stable funding and LTD ratio to c. 60% & 200% (Dec 2010)
Retail deposits
Corporate deposits
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
Deposit Mix - Dec 2010
13PAGE
2010 FINAL RESULTS
Bank: PLAR 2011 & Funding Strategy
Prudential Liquidity Assessment Review (PLAR)
To be completed by end March
Target ratios to be achieved by 2013
Deposit funding dominant
Reduced loan to deposit ratio target
Limited wholesale funding component
De-leveraging actions
Contraction in loan book
Sale of equity tranches of securitisations
Sale / transfer of non-core assets
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
14PAGE
2010 FINAL RESULTS
Bank: Loan Book
Loan book 3% in 2010, constant currency basis
Gross new lending €615m in 2010
Low level of redemptions impacting level of new lending
UK book closed to new business
Total Loan Book* €37.6bn (Dec 2009: €38.9bn)
Loan Balances
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
* Before impairment provisions
15PAGE
2010 FINAL RESULTS
PTSB ROI Residential Mortgage Arrears Cases
Bank: Loan Arrears
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
Reductions in ROI consumer finance and UK residential arrears
ROI residential arrears cases continuing to rise
> 90 days: up 67%<90 days: up 18%<90 days: flat in H2
Impairment provisions at €420m, 12% on 2009 driven by decline in
property values
16PAGE
2010 FINAL RESULTS
Margins
Margin higher for 2010
SVR increases
Government guarantee
Costs
Continuing cost reductions
Voluntary redundancy programme in Q1 2011
280 FTEs staff
Cost €45m
Annualised saving of €31m
Bank: Profitability - Margins & Costs
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
17PAGE
2010 FINAL RESULTS
Back to basics
Deposit driven business
Lean operation with high level of automation
Transactions + approvals
On-line service
Sales focused branch distribution model supported by:
Customer analytics
2013 Targets
Net interest margin > 100bps
Impairment charge normalised
Substantially deposit funded – LTD of < 130%
ROE > 10%
Bank: Outlook
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
18PAGE
2010 FINAL RESULTS
Strategic Agenda
PCAR / PLAR
Consolidation
INBS + Anglo deposits
EBS
Irish Life International
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
19PAGE
2010 FINAL RESULTS
Summary
LIFE - STRONG PROFIT GROWTH
BANKING - MANAGING KEY CHALLENGES
STRATEGY - MAKING PROGRESS
KEVIN MURPHY: GROUP CHIEF EXECUTIVE
20PAGE
2010 FINAL RESULTS
Earnings
Funding
Credit quality & impairment provisions
Capital
Outlook
Financial Review
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
21PAGE
2010 FINAL RESULTS
Operating profit flat on 2009
Life business continuing to recover
Bank continuing to suffer from worsening economic conditions with higher funding costs and increased impairment provisions
Life embedded value changes:
Improved equity and property markets compared to large hits in 2009
Impact of lower gilt yields on financial options & guarantees and future investment returns
Cost of VIF financing deal
Group Earnings
Operating (loss) / profit
• Life
• Banking
• Associate / other
Operating (loss)
Life embedded value:
• Investment fluctuations
• Economic assumptions
• VIF financing cost
• Other
(Loss) before tax
2009
€m
102
(270)
(28)
(196)
(68)
(38)
-
(17)
(319)
2010
€m
160
(364)
7
(197)
49
(51)
(22)
(16)
(237)
Change
%
57
(35)
(1)
26* Embedded value basis
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
22PAGE
2010 FINAL RESULTS
Life new business volumes 8%, offset by strong sales in ILIM
Overall sales 6%
Life (excl. ILIM) new business margin:
APE: 11.5% (FY 09: 11.4%)
Significant improvement in in-force earnings
Very strong risk experience
Improved persistency
Life Earnings
New business
Total expected return
Experience variances
Assumption changes
In-force
Operating profit
Taxation
Profit after tax
2009€m
51
122
(70)(1)
51
102
(12)
90
2010€m
52
13118
(41)
108
160
(17)
143
Change%
2
112
57
59
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
* Embedded value basis
23PAGE
2010 FINAL RESULTS
Experience Variances Assumption Changes
Persistency
Risk
Expenses / Other
Life Variances & Assumptions
Experience variances
Improved persistency but pensions business slower to recover
Very strong risk result in Corporate business due to positive income protection experience
Persistency assumption changes
Retail: remaining variances to normalise over next 3 years
Corporate: adjustment for higher lapse rates
2009
€m
(42)
9
32
(1)
2010
€m
(62)
16
5
(41)
2009
€m
(66)
23
(27)
(70)
2010
€m
(9)
35
(8)
18
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
24PAGE
2010 FINAL RESULTS
Net interest income
Other income*
Government guarantee
Invest. return / other
Expenses
Impairment provisions
Operating (loss)
Taxation
(Loss) after tax
2009
€m
375
41
(29)
6
393
(287)
106
(376)
(270)
24
(246)
2010
€m
402
39
(110)
(3)
328
(272)
56
(420)
(364)
47
(317)
Net interest income ahead given mix of funding
Net interest margin 86bps excluding cost of ELG scheme
Government guarantee in line with guidance
ELG €97m
CIFS €13m
Costs down 5%
Increased loan impairment provisions due to revised assumptions for house prices and lower commercial property valuations
Bank Earnings
* incl. trading income
Change
%
7
(17)
(35)
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
25PAGE
2010 FINAL RESULTS
Net Interest Margin
Competitive nature of deposit market continuing to have negative impact on margin
Significant ECB funding through H2 2010
Mortgage re-pricing includes two SVR rate changes in 2010
Book yield of c. 2.7% versus average cost of funds of c. 1.8% giving net margin currently of c. 90bps (indicative)
Cost of Funds
Customer accountsLong-termECBShort term
Cost%
2.12.11.02.41.8
Book%352632
7100
Asset Yields
ROI mortgagesUK mortgagesCommercial mortgagesConsumer financeTreasury
Yield%
2.72.13.27.42.42.7
Book%6117
53
14100
Net Interest Margin - Run-rateMargin MovementFY 2009Retail deposit funding
Wholesale funding
Asset re-pricing
Other
FY 2010
BPS83
(12)
(3)
24
(6)
86
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
26PAGE
2010 FINAL RESULTS
Funding
December 2010 - Total €43bn
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
€5bn term debt issuance in 2010
No access to senior unsecured markets from Aug 2010
Other funding secured via bi-lateral repo & ABS transactions
Deposits 6% yoy
Retail continue to grow 12%
Corporate outflows due to Sovereign and bank downgrades
Significant increased reliance on ECB due to closure of debt markets
No refinancing requirement of note until 2013
Addition of €3.6bn INBS deposits
27PAGE
2010 FINAL RESULTS
* Source: UK Council of Mortgage Lenders
>3 months, includes repossessions & receivers of rent cases
CHL Mortgage Arrears Cases
Arrears - UK Mortgages
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
BTL accounts for 94% of Capital Home Loans (CHL) portfolio
Closed for new business since early 2008
Arrears down 42% in Dec 2010 against peak in Q1 2009
CHL 3+ month arrears - 2.0% at Dec 2010
Industry average 3+ month arrears* -2.6% at Dec 2010
Average indexed LTV of 83%
Negative equity 23% of loan book
28PAGE
2010 FINAL RESULTS
49% increase in total arrears cases in 2010
> 90 days arrears cases increase 67% in 2010
Cases > 90 days in arrears 11,500 at Dec 2010 out of total portfolio of c. 178,000
< 90 days arrears cases up 18%, flat in H2 2010
Average home loan indexed LTV of 69% at Dec 2010
Negative equity 28% of total cases at Dec 2010
PTSB ROI Residential Mortgage Arrears Cases
Arrears - ROI Residential Mortgages
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
29PAGE
2010 FINAL RESULTS
Slower economic recovery
Higher level of impairments
House prices peak to trough decline
Model assumptions 40%
HPI at December 2010 38%
Assumption increased to 43%
Commercial property
Further valuation declines
Impacts performing and non-performing loans
Impairment Model
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
30PAGE
2010 FINAL RESULTS
ROI mortgages
UK mortgages
ROI commercial
Consumer finance
Specific
€m
187
25
80
5
297
Collective
€m
56
2
25
40
123
Total
€m
243
27
105
45
420
2010
Collective provisions: are determined on a portfolio basis generally using a statistical roll-rate model, and are
used where individual loans are small and / or to recognise losses which has been incurred but not yet reported.
Impairment Charge
Total
€m
154
33
99
90
376
2009
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
31PAGE
2010 FINAL RESULTS
Regulatory Capital Movement
Jan 2010
Capital from existing business
New business strain
Net capital release
Investment fluctuations / other
Dividend paid
VIF loan
Dec 2010 before available dividend
Available dividend
Dec 2010
€m
685
252
(46)
(13)
100
978
(243)
735
Capital - Life
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
Minimum solvency requirement for Irish Life Assurance of €401m (Dec 09: €413m) covered 1.75 times (Dec 09: 1.6 times)
Strong cash-flow generation boosted by
€50m of expense reserve releases
€40m stop-loss treaty, and
€30m from a change in risk assumptions
Loan secured on VIF
Dividend available of €243m to recapitalise bank
327
(75)
32PAGE
2010 FINAL RESULTS
Basel II
Tier 1 capital
Total required capital
Total RWAs
Core Tier 1 ratio
Dec 09
€m
1,858
1,313
16,411
%
11.3
Dec 10
€m
1,681
1,265
15,809
%
10.6
Robust group capital position to absorb expected defaults
Core Tier 1 ratio of 10.6% (Dec 09: 11.3%)
Basel II minimum total capital requirement of 8%
Surplus capital of €416m
Prudential Capital & Liquidity Assessment Reviews (PCAR / PLAR) in progress with Financial Regulator
Including available dividend of €243m in life company would increase Core Tier 1 ratio to 12.2%
Capital - Bank
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
33PAGE
2010 FINAL RESULTS
Life
Banking
Risks / Uncertainties
Earnings Outlook
DAVID MCCARTHY: GROUP FINANCE DIRECTOR
34PAGE
2010 FINAL RESULTS
Page35. Group total (loss) after tax - EV basis36. Group operating (loss) after tax - EV basis37. Group operating EPS - EV basis38. Group IFRS (loss) after tax39. Group IFRS and EV basis results reconciliation40. Bank non-interest income41. Bank asset portfolio42. Bank impaired loans43. Bank non-performing loans44. Bank regulatory capital45. Life embedded value movement46. Life asset quality47. Life new business margin48. Life operating costs49. Life & investment sales50. Life sales - Retail & Corporate51. Other activities operating (loss) / profit
Additional Information
35PAGE
2010 FINAL RESULTS
Operating (loss)
Investment fluctuations
Economic assumptions
Other changes
Total (loss)
Pre-tax
€m
(197)
49
(51)
(38)
(237)
2010
Tax
€m
30
-
4
5
39
2009
Post-tax
€m
(182)
(53)
(27)
(17)
(279)
Post-tax
€m
(167)
49
(47)
(33)
(198)
Group Total (Loss) After Tax - EV Basis
36PAGE
2010 FINAL RESULTS
Life assurance
Banking
Associate
Other
Operating (loss) / profit
Pre-tax
€m
160
(364)
9
(2)
(197)
2010
Tax
€m
(17)
47
-
-
30
2009
Post-tax
€m
90
(246)
(2)
(24)
(182)
Post-tax
€m
143
(317)
9
(2)
(167)
Group Operating (Loss) After Tax - EV Basis
37PAGE
2010 FINAL RESULTS
Note: “own shares” included for EPS calculation
Operating (loss) / profit
Taxation
(Loss) / profit after tax
Average no. of shares
EPS
2009
€m
(196)
14
(182)
276m
(66)c
2010
€m
(197)
30
(167)
276m
(60)c
Group Operating EPS - EV Basis
38PAGE
2010 FINAL RESULTS
Life assurance & investment
Banking
General Insurance
Other
Investment fluctuations
Economic variance
Other / Goodwill impairment
Taxation
(Loss) / profit after Tax
2009
€m
93
(270)
(2)
(26)
(205)
(73)
(22)
(10)
(3)
(313)
2010
€m
167
(364)
9
(2)
(190)
41
(29)
21
29
(128)
167
IFRS Life Earnings Movement 2010€m
New business effect (6)Interest on insurance VIF 61Expected profit on Inv. contracts 70Exp var. & assumption changes 28Expected Investment Return 14
Group Total (Loss) After Tax - IFRS Basis
39PAGE
2010 FINAL RESULTS
Embedded Value basis
Investment business
• Value of in-force
• Deferred costs & fees
• Restatement of liabilities
Own shares adjustment
VIF loan
Other / Tax
IFRS (Statutory) basis
S’Holders Equity
€m
2,045
(635)
140
63
-
17
(14)
1,616
Total (Loss) / Profit after Tax
€m
(198)
28
(3)
(9)
13
17
24
(128)
2010
IFRS / EV Reconciliation
40PAGE
2010 FINAL RESULTS
Note: Bancassurance Embedded Value operating profit €8m [2009: €14m] included in life assurance
Fees & Comms (rec’d)
Fees & Comms (payable)
Trading income
Investment return
2009
€m
54
(10)
44
(3)
6
47
2010
€m
54
(12)
42
(3)
(3)
36
Bank Non-Interest Income
41PAGE
2010 FINAL RESULTS
Category
Sovereign BondsAAAABAA/BA/B
Bank FRNs / Corporate BondsAAABAA/BA/B & lower
RMBSAAAAA / A
Total bank asset portfolio of €4.7bn
The portfolio is made up of €2.9bn Sovereign Bonds (61%), €1.2bn Bank FRNs (27%) and €0.6bn Prime RMBS (12%)
94% of the Prime RMBS is EURO denominated and there is zero US exposure in balance
€bn
1.00.11.8
0.20.40.6
0.40.2
Asset Portfolio December 2010
%
353
62
173350
6733
Bank Asset Portfolio
42PAGE
2010 FINAL RESULTS
Residential mortgages
• ROI
• UK
Commercial mortgages
Consumer finance
Balances
€m
736
105
217
160
1,218
Total Loans
%
2.7
1.3
9.1
10.5
3.2
June 2010
Balances
€m
415
75
171
167
828
Total Loans
%
1.5
1.0
7.2
9.5
2.1
December 2009
Impaired Loans
Impaired loans: are loans where there is objective evidence that an impairment loss had occurred, including cash-flow difficulties,
overdue contractual payments and breach of loan covenants
Balances
€m
992
111
280
155
1,538
Total Loans
%
3.8
1.5
11.9
11.3
4.1
December 2010
43PAGE
2010 FINAL RESULTS
Residential mortgages
• ROI
• UK
Commercial mortgages
Consumer finance
Balances
€m
1,858
265
378
195
2,696
Total Loans
%
6.9
3.3
16.2
12.8
7.0
June 2010
Balances
€m
1,342
258
307
206
2,113
Total Loans
%
4.9
3.4
12.9
11.8
5.4
December 2009
Non-Performing Loans
Balances
€m
2,417
258
471
184
3,330
Total Loans
%
9.2
3.4
20.1
13.4
8.9
December 2010
Non-performing loans: are impaired loans and loans where repayments are over 90 days in arrears
44PAGE
2010 FINAL RESULTS
Basel II Capital
Available capitalTier 1Tier 2Total capitalDeductions*
Total available capital (Tier 1)
Required capital
Excess own funds
Total RWAs
RAR (all Core Tier 1)
Dec 09€bn
3.91.25.1
(3.3)
1.8
1.3
0.5
16.4%
11.3
Dec 10€bn
3.81.25.0
(3.3)
1.7
1.3
0.4
15.8%
10.6
Bank Regulatory Capital
* Life company investment and other regulatory adjustments
Basel II minimum total capital requirement of 8%Surplus capital of €416m Strong capital position to absorb expected defaults
45PAGE
2010 FINAL RESULTS
Opening 1 Jan 2010
Operating profit
Investment fluctuations
Economic assumptions
VIF loan
Capital & other movements
Closing 31 Dec 2010
Net Worth
€m
566
252
21
(48)
100
(13)
878
VIF
€m
1,076
(109)
28
1
(117)
(11)
868
Required Capital
€m
634
614
Total
€m
1,642
143
49
(47)
(17)
(24)
1,746
Life: Embedded Value Movement
* All movements net of tax
46PAGE
2010 FINAL RESULTS
Rating
AAA
AA
A / BAA
€m
1,366
171
234
1,771
%
77
10
13
100
Non-linked Debt Securities
Non-linked liabilities matched with debt securities of appropriate duration
Majority high quality sovereign bonds
Insurance & investment assets
Deposits
Property
Equity
Debt securities / other
Subordinated debt
€m
697
234
30
133
1,094
(216)
878
%
64
21
3
12
100
Shareholders’ Net Worth
Property - owner occupied plus seed capital for property funds
Subordinated debt - €200m capital raised in 2007
Life Asset Quality
47PAGE
2010 FINAL RESULTS
New Business Contribution
Life
ILIM
Margin - APE
Life
ILIM
Margin – PVNBP*
Life
ILIM
2009
€m
40
11
%
11.4
5.9
%
1.6
0.6
2010
€m
37
15
%
11.5
6.1
%
1.6
0.6
APE Sales2010 2009
€m €m
Life 320 348
ILIM 252 191
PVNBP* Sales2010 2009
€m €m
Life 2,288 2,398
ILIM 2,520 1,908
* Present value of new business premiums
Life New Business Margin
48PAGE
2010 FINAL RESULTS
Retail & Corporate
ILIM
Other
IFRS adjustment
2010
€m
165
14
10
189
(9)
180
2009
€m
169
14
7
190
1
191
Life Operating Costs
49PAGE
2010 FINAL RESULTS
Recurring Premium Single Premium2009
€m
736
471
1,908
252
3,367
337
3,367
2010
€m
689
525
2,520
371
4,105
410
4,105
Retail
Corporate
ILIM
ILI
Total
APE Basis
PVNBP Basis
2009
€m
85
117
-
-
202
202
939
2010
€m
78
84
-
-
162
162
703
Life & Investment Sales
50PAGE
2010 FINAL RESULTS
ProductsPensionProtection / RiskInvestmentsSavings
DistributionBancassuranceDirect Sales forceBrokers / IFAsInstitutions
2009€m
824325
9159
29426820
2010€m
684030
8146
29385920
Change%
(17)(7)20
(11)(8)
-(10)(13)
-159146 (8)
ProductsDC pensionProtection / RiskAnnuitiesPRB / DB
DistributionConsultantBrokersDirect / Cornmarket
2009€m
98251823
164
644258
164
2010€m
76142423
137
643538
137
Change%
(22)(44)
33-
(16)
-(17)(34)
(16)
Retail APE Sales Corporate APE Sales
Retail & Corporate Life Sales
51PAGE
2010 FINAL RESULTS
Cornmarket / IPSI
Corporate costs
Associate
2009
€m
4
(30)
(26)
(2)
(28)
2010
€m
14
(16)
(2)
9
7
Other Operating Activities
52PAGE
2010 FINAL RESULTS
Please contact our Investor Relations Department for any furtherinformation or visit our group website at
www.irishlifepermanent.ie
Contact details:
Barry Walsh [email protected] +353 1 704 2678
Orla Brannigan [email protected] +353 1 704 1345
Contact Information