Chairman's Statement - Investis

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Chairman’s Statement
2007 was a
year of great
success for the
group
2007 saw another year of strong performance
This Annual Report focuses on the performance of the
group in 2007. The latter half of that year, of course,
witnessed the beginnings of a period of signifi cant
turmoil on international fi nancial markets which is still
with us at the time of writing this statement. However,
it is important to emphasise that 2007 was a year of
great success for the group. Each of our key businesses
recorded strong performances in their own right and we
consolidated or grew market share in key areas.
This performance refl ects extremely well on the
management of the group and on our hard working
staff. On behalf of the board, I want to acknowledge and
thank them for their contribution and their success.
Increase in Dividend
In light of this performance, the board is proposing a
fi nal dividend of 52.5 cent per share which, if approved
at the AGM, will be payable on 28 May 2008 to
shareholders on the register as of 25 April 2008. The
total dividend for the year will therefore be 75.0 cent
per share, an increase of 10.3% over the 2006 full year
dividend.
Appointment of Denis Casey as Group Chief
Executive
The selection of a Group Chief Executive is one of the
key responsibilities of a Board and therefore one of the
most important developments during the year was the
appointment of Denis Casey as Group Chief Executive
following the retirement of David Went.
Denis took up the reins last May in what was a virtually
seamless transition. As a former Chief Executive of both
Irish Life (Retail) and permanent tsb, Denis has long
proven his leadership skills in challenging roles in the
Group and he brings tremendous experience to his new
position. Together with the experience respectively of
Peter Fitzpatrick as Group Finance Director and Kevin
Murphy as Chief Executive of Irish Life, this has been an
important factor in helping the group to navigate the
more challenging environment we faced in the latter
half of last year and which we will continue to face in
the coming months.

Corporate Responsibility Agenda
2007 was a milestone year for our Corporate
Responsibility (“CR”) agenda.
CR refers to how the group views its obligations to
each of our stakeholders; our customers, employees,
shareholders and the wider community in which
we operate, together with how we live up to these
obligations in practice.
In 2007 a number of very important CR projects on
which we have been working came to fruition. For
example, we worked very closely and very successfully
with the leading youth organisation, Foróige, to
launch a major nationwide programme to promote
good citizenship amongst young people. We also
initiated a pilot programme with the charity, Age
Action, to sponsor elderly people getting support from
professional handymen for small jobs around their
homes and we completed the country’s fi rst awards
programme for Ethnic Entrepreneurs.
A full review of our work in this area can be found
in our fourth annual Corporate Responsibility
Report. This report is available on the group website
www.irishlifepermanent.ie and I would encourage
shareholders to take the time to view it.
Creating a Values Based Business
One important initiative during the year was the
commencement of a programme of work to redefi ne
the core values which guide us in the group. These core
values are:
• the relentless pursuit of customer satisfaction,
• making sure that Irish Life & Permanent is a great
place to work, and
• creating a team of winners.
These values are going to be at the heart of everything
we do in the future and will help the group to become
one of the country’s outstanding businesses in the years
ahead.
Our objective is to make sure that these values
are embedded across our business and assist us in
improving the way we deal with customers, the way our
staff our supported and empowered; the way we reward
high achievers and create a desire to succeed amongst
staff. This work is now underway across the group and
will ensure that the values have a transforming effect on
every aspect of the business.
Board Changes
Following his retirement as Group Chief Executive,
David Went retired from the board of the company in
May last. I referenced his important contribution to the
group in last year’s Annual Report in advance of his
retirement and I acknowledge that warmly again now.
On the current board, David Byrne will stand down as
a Director at this year’s AGM. David has been a valued
colleague and has made an important contribution to
the board and I want to express my appreciation to him
for his service.
Outlook
It is already clear that the market in which we are
operating in 2008 is more challenging than we have
seen for some time.
However, the key operating businesses of the group
remain exceptionally strong. Our franchises are
amongst the most valuable in the fi nancial services
market in Ireland and when combined with the very
low risk business model which we operate, gives us
signifi cant advantages and confi dence in meeting these
challenges.
It is also the case that the fundamentals of the Irish
economy remain sound and together with the attractive
demographics are strongly supportive of fi nancial
service businesses.
For these reasons, the board believes we are well
positioned for the current marketplace and we look
forward to making further progress on building this
group towards our stated goal of becoming the leading
retail fi nancial services provider in the country in the
years ahead.
Gillian Bowler
Chairman
1 April 2008
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