Financial Times

Eagle revenues up 17% growth in first half 2006-07

Eagle last week reported consolidated revenue of Rs 2,201 million for the first half 2006-07, a 17% increase over the previous period in 2005, saying it has aggressive growth plans for the Sri Lankan market.

Total gross written premium income grew to Rs. 2,084 million, an increase of 18%. Non-life gross written premiums grew by 19% and Life gross written premiums grew by 18%.

The pre-tax profit was Rs. 59 million and the company said profits have dropped compared to 2005 due to higher non-life claims this year. “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 included in the full year results.

Expenses were maintained well within the budgets due to effective expense management and resource management initiatives,” it said.

Managing Director, Deepal Sooriyaarachchi said the first-half results are satisfactory and the business strategies are in place to enhance distribution effectiveness, facilitated through focused capability development.”

Grant Barrans, Chairman Eagle Insurance said, “We have aggressive growth plans for the Sri Lankan market and I am confident that we are in an excellent position to deliver on these plans".

The Aviva Group recently acquired a majority stake in Eagle with National Development Bank remaining a significant shareholder. Aviva is the world’s oldest insurance group, with a history dating back 300 years to 1696.

Today it is the world's fifth-largest insurance group and the biggest in the UK. The Group has 58,000 employees serving 35 million customers worldwide with more than Sterling Pounds 320 billion assets under management.

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