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| Sunday, 4 September 2005 |
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Business |  |
| News Business Features Editorial
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Eagle achieves satisfactory performance in 1H Eagle recorded a growth of 8% in consolidated revenue to Rs. 1,876 million for the first half of 2005 compared with Rs. 1,742 million in the first half of 2004. Non-life written premium grew by 11% from Rs. 469 million to Rs. 521 million over the same period. This is considered a significant achievement in the context of increased competition and continuous efforts in streamlining the Non-life business portfolios. Life gross written premiums recorded a growth of 12% over 2004. The consolidated profit after tax for the six months was Rs. 75 million, a drop of 17% compared with the previous year. The reported profits are after making a further provision for Incurred But Not Reported claims (IBNR) of Rs. 22 million in line with actuarial advice and the company's prudent claims reserving policy. Focused expense management and resource management initiatives during the period resulted in a positive contribution, to profits of all lines of business. The asset management business of the company yielded a growth in fee income of 9% and in net profit after tax of 14% over the corresponding period of the previous year. Commenting on the company's achievement Chief Executive Officer, Deepal Sooriyaarachchi said, "Our first half results are satisfactory. The business strategies, specially the strategies that are in place to enhance distribution effectiveness, facilitated through focused capability development with international exposure, will ensure that the year-end results will be achieved as planned. The mid-year valuation of life business too has enhanced our confidence level in achieving planned targets." |
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