Insurance group Irish Life and Permanent has reported profits of E475 million in 2005, representing an 11% rise after tax from the prior year.

The company paid particular attention to the strength of its retail businesses. Pension’s sales rose by 36%, savings by 47%, while Protection and Risk sales rose by 26%.

The life and pensions business of Irish Life has perhaps never performed better. Over the past five years or so, we’ve reengineered that business and it is now performing at near maximum efficiency, commented CEO David Went.

That process of reengineering is still ongoing in the banking business but during 2005 we made very important progress in growing our mortgage and car finance businesses while also making significant inroads into the very important current account market, he added.