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Eagle
revenue growth soars by 18% in Q1
- Recorded
a growth of 18% in Consolidated revenue up 18% to
Rs 1.6 b
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Life and General insurance business grew by 8% and
27% respectively
- Eagle
Insurance PLC recorded a consolidated revenue of Rs.1,594
million for the first quarter of 2008, representing
18% growth over the corresponding period in 2007.
 The
total gross written premium income grew by 14% to Rs.1,
516 million compared to the previous year. Life and
general insurance premiums recorded a growth of 8% and
27% respectively with Rs. 948 million and Rs.568 million.
The Group recorded a net profit before tax of Rs. 21
million for the quarter. This is 45% lower than the
corresponding period of 2007. The dip in performance
was due to the large number of claims settled in the
general insurance business. The Group’s commitment
towards expense management initiatives has ensured that
the operating expenses are within the budget, despite
rising costs.
As in the previous years, the result for the quarter
does not include contribution from the long-term business,
which is determined annually after the actuarial valuation
and included in the full year results.
Eagle expanded its product offering by launching a range
of insurance products for its bancassurance customers.
In keeping with its core value of “dedication to
customers” the company launched “Eagle Care
Centre” – a state of the art, 24 hour call
centre for the life and general insurance customers.
Now Eagle customers can call “one number”
for all their insurance needs. This includes specialised
and speedier assistance in motor claims.
Commenting on the Company’s achievement the Managing
Director, Mr. Deepal Sooriyaarachchi said, “General
insurance business has performed satisfactorily during
the first quarter of 2008. We have launched strategic
initiatives to improve the net claims cost for the remaining
period of 2008. Sound strategies are in place to secure
a rapid growth in Life insurance business. We are confident
that our initiatives are well-suited to the current
environment and will produce satisfactory results at
year-end.”
Mr. Bert Paterson, the Chairman, Eagle Insurance, commented,
“We have an aggressive growth strategy. The Board
remains confident that the Company will forge ahead
even in this very challenging business environment.”
In February 2006, the Aviva Group acquired a majority
stake in Eagle, with NDB 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 59,000
employees world-wide, serving 40 million customers with
£364 billion assets under management.
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