Eagle revenue grows 18% to Rs. 1,594 m in Q1, 2008
Eagle Insurance PLC recorded a consolidated revenue of Rs. 1,594
million for the first quarter of 2008, a 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% with Rs. 948 million and Rs.
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
As in previous years, the result for the quarter does not include
contributions from the long-term business, which is determined annually
after the actuarial valuation and included in the full year results.
Commenting on the Company’s achievement the Managing Director, 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.
Chairman, Eagle Insurance, Bert Paterson said, “We have an aggressive
The Board remains confident that the Company will forge ahead even in
this very challenging business environment.”