Eagle revenues up in 1st half 2007

Eagle Insurance PLC this week reported a consolidated revenue of Rs. 2. 7 billion for the first six months of calendar 2007, up 21% over the corresponding period in 2006. The gross written premium income of the company of Rs.2, 549 million grew by 22% over the corresponding period of 2006. Life insurance premiums recorded a growth of 17% and general insurance premiums, a growth of 35% over the same period in 2006, the company said in a press release.

The net profit before tax of Rs.95.5 million earned by the Group, recorded a growth of 61% over the same period in 2006. The profits of Rs. 81 million earned by the general insurance business were 64% higher than the first half of last year. This was mainly due to higher net earned premiums and investment income earned on fixed income securities. The company said as in previous years, these half year results do not include a contribution from long term life insurance business.

Profits from this line of business are determined annually after the actuarial valuation at the year end and are included in the full year results, it said Commenting on the company’s achievement, its Managing Director, Deepal Sooriyaarachchi said: “Our first-half results are satisfactory. We are pleased that the business strategies put in place to enhance distribution effectiveness are yielding results.”

Eagle Chairman Grant Barrans said these results reflect Eagle's commitment to growth and innovation. “Taken together with Eagle's very strong Corporate Social Responsibility profile I feel they clearly show that Eagle is a company which customers , shareholders and staff can all be proud of.”