Irish Life & Permanent's (IL&P ) restatement of its 2004 results to take account of new international financial reporting standards (IFRS) led to €58 million lower profits, a 14 per cent drop.
The restated figure is in line with company predictions and forecasts from Goodbody Stockbrokers and others.
In March, IL&P reported pre-tax profits of €400.2 million for 2004 using the old accounting methods.
According to group finance director Peter Fitzpatrick, the restatement has had no impact on the group's underlying financial position.
The company also published its 2004 figures under the European Embedded Value method. Its says the IFRS does not provide a true picture of its life insurance business.
Using this method, after tax profit was up by 4 per cent than the previously announced 2004 tally due to a 12 per cent greater contribution from new business.