Irish Life & Permanent has restated its 2004 results to adjust them for new international financial reporting standards (IFRS) which are now in effect.
Under the new IFRS methods, 2004 profits were 14% or €58m lower, in line with what the company had previously forecast.
In March, IL&P reported pre-tax profits of €400.2m for 2004 under the old accounting methods.
Group finance director Peter Fitzpatrick said the changes had no impact on the group's underlying financial position.
The company also presented 2004 figures under the European Embedded Value (EEV) method, as it says IFRS does not provide a true picture of its life insurance business. Under this method, profit after tax was 4% higher than the previously announced 2004 figure, because of a 12% higher contribution from lie new business.
IL&P shares closed 22 cent higher at €14.72 in Dublin this evening.
