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| Sunday, 31 August 2003 |
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Eagle profits grow in first half Eagle Insurance Co. recorded an impressive overall consolidated net income growth of 71 per cent to reach Rs. 96 million for the first half of 2003, an increase from the Rs. 56 million reported for the corresponding period in 2002. The company's revenue growth of 15 per cent to Rs. 1,546 million from Rs. 1,340 million during the period (primarily through a 13 per cent growth in life and a 26 per cent growth in non-life) is viewed as a significant achievement, in a highly competitive market. This is especially in the context of Eagle being a niche player operating in selected target markets for optimal value creation for all stakeholders. The fund management arm of the business, Eagle NDB Fund Management Company also recorded an impressive growth in revenue of over 70 per cent, attributable mainly to the performance fees earned on the funds under management. Eagle's Life Fund also increased from Rs. 5.7 billion as at June 30, 2002 to Rs. 6 billion at the end of the first half of 2003. With the marked to market accounting policy adopted by the company, the investment strategy of the company has reaped benefits by capturing buoyant stock market returns helping to more than offset the negative impact of the low interest environment. Effective expense control measures, efficient resource management and high reinsurance profit commissions have also contributed to yield significant positive variances over budgeted results of the consolidated net income. Commenting on the achievement, Chandra Jayaratne, Managing Director said: "First half results are satisfactory and show a significant improvement. Most importantly, Eagle now as a member of NDB Group, is well positioned to continue to add value to all stakeholders, especially to all target customers through synergies at every level and this process would help Eagle to emerge even stronger in the industry, despite the challenges and uncertainties to which the business is exposed." Highest number for MDRT Thirteen sales persons from the company have qualified to attend this year's Million Dollar Round Table (MDRT) conference, the international association based in USA for the best insurers in the world. This is the highest number of qualifies for the MDRT this year, from a single insurance company in Sri Lanka. To attend the MDRT, a salesperson should achieve the necessary criteria including new business generation, productivity, customer retention and provision of superior service. Eagle's super salesperson Ajith Fernando has won the rare distinction of being admitted to the 'Court of the Table' of the MDRT, a honour which is reserved for insurance sales performers with over triple the minimum requirement for MDRT. He has been the Eagle's Best Sales Person for six consecutive years from 1997 and has qualified to attend MDRT since 1999. With a membership of nearly 19,000 insurance salespersons from about 450 companies, MDRT conference is the most prestigious global event that a life insurance salesperson can attend. MDRT is an international network of leading insurance and investment financial service professionals and advisors who serve their clients by exemplary performance and the highest standards of ethics, knowledge and productivity. |
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