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| Sunday, 23 November 2003 |
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| News Business Features Editorial
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Eagle flies towards success Eagle Insurance Co. Ltd recorded a growth of 55 per cent in consolidated profit to Rs. 145 million for the first nine months in 2003 from Rs. 94 million for the same period in 2002. The company's consolidated revenue growth of 14 per cent to Rs. 2,370 million from Rs. 2,086 million during the period (primarily through a 11 per cent growth in life and 24 per cent growth in non-life) is considered a significant achievement, in a highly competitive market. The fund management arm of the business, Eagle NDB Fund Management Company, also recorded an impressive 47 per cent growth in revenue attributed mainly to the performance fees earned on the funds under management. Eagle's Life Fund also increased at the end of the third quarter from Rs. 5.7 billion in 2002 to Rs. 6.4 billion in 2003. The buoyant stock market return - an outcome of the prudent investment strategy that the company adopts and high re-insurance commission were the main contributory factors for the significant growth in consolidated profit. Commenting on the achievement, Chandra Jayaratne, Managing Director said: "Our achievement is satisfactory, especially in the context of Eagle being a niche player focused on identified target markets. It shows the success of the strategic direction that Eagle has taken. We are also well positioned to make the best use of opportunities that are being created in the country's regaining process. Further avenues for growth are being assessed with foresight, resources are being mapped, to ensure Eagle continues to emerge as a stronger entity in the financial service sector. In this context, Eagle now has the added advantage of being a member of the NDB group, to use synergies at every level to add value to all stakeholders." In the context of these results, the Eagle Board of Directors declared an interim dividend of Rs. 3.75 per share payable on November 28. |
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| Editorial | Security Produced by Lake House |
