An irreversible heat engine-driven vapour compression and absorption heat pump system is considered as a cogeneration cycle. The effects of thermal resistances and internal irreversibilities on the coefficient of performance (COP) of this cogeneration cycle were investigated using finite-time thermodynamic approach. An improved equation for the COP of the system under consideration was obtained. The results obtained here may serve as a good guide for the evaluation of existing real cogeneration heat pumps or provide some theoretical bases for the optimal design of future cogeneration heat pumps.