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| Sunday, 11 December 2005 |
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Business |  |
| News Business Features Editorial
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Eagle records 14% growth, Rs. 3,020 m consolidated revenue in nine months Eagle recorded a growth of 14% with Rs.3,020 million in Consolidated Revenue for the nine months of 2005, compared with Rs. 2,645 million for the corresponding period of 2004. Total Gross Written Premium income Rs.2,732 million grew by 14% over the previous year. Life and Non Life businesses recorded a growth in written premium of 14% and 15% over the previous year. The consolidated profit after Tax for the nine months ended September 30, was Rs.136 million, a growth of 27% compared with the previous year. The reported profits are after making a further provision for Incurred But Not Reported claims (IBNR) of Rs.29 million in line with actuarial recommendations and the company's prudent claims reserving policy. Effective cost management initiatives and high performance in investment income during the period resulted in a positive contribution to profits. The Asset Management business of the company yielded a growth in Revenue including fee income of 16% and a net profit after tax of 11% over the previous year. By maintaining solvency margins well above the requirements stipulated as per Solvency Margin (Long Term Insurance Rules 2002) and Solvency Margin (General Insurance Rules, 2004), the company has demonstrated its commitment to provide a superior level of security to its clients. Having assured a healthy solvency and adequate reserves, the Directors have resolved to pay an interim dividend of Rs.2.50 per share. Commenting on the company's achievement, Chief Executive Officer, Deepal Sooriyaarachchi said, "our results are satisfactory. The growth momentum fuelled by strengthening distribution capacity continues. Focused business strategies that are in place, and as indicated by the internal valuation of life business year-end results will be achieved as planned." |
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