Operating profit - before impairment provisions - rose to €254m from €68m a year ago.

On an embedded value basis, the firm reports an operating loss of €197m compared with €196m in 2009 while the after-tax loss attributable to equity holders falls to €198m from €279m.

Impairment provisions for the year were €420m (2009: €376m), principally reflecting the increase in provisions in the Irish residential and commercial mortgage loan books which includes the change to the assumption used for the peak-to-trough house price decline.

Total group earnings, albeit still negative, improved significantly for the period on an IFRS basis, with a loss after tax attributable to equity holders of €128m (2009: €313m loss).

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