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| Sunday, 31 July 2005 |
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Business |  |
| News Business Features Editorial
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Eagle's consolidated revenue grows 12% to Rs. 921 m in 1Q, 2005 Eagle recorded a growth of 12% in consolidated revenue to Rs. 921 million for the first quarter of 2005 compared with Rs. 824 million in the first quarter of 2004. A 14% growth in Life revenue from Rs. 678 million to Rs. 773 million over the same period is considered a significant achievement in the context of the unfavourable macro-economic conditions prevailing during the period. Professional underwriting practices and continuous efforts made by the company to streamline business portfolios, resulted in reduced Non-life written premiums. Operating profit grew by 28% to Rs. 36 million and the consolidated profit after tax registered a growth of 36% to Rs. 33 million over the same period last year, despite a significant increase in claims costs incurred by Life and Non-life business. In line with the company's prudent claims reserving policy, supported by actuarial recommendations, a further provision of Rs. 10 million was made on account of incurred but not reported claims (IBNR). Effective expense and resource management initiatives contributed to the profit after tax of Non-life Insurance. Asset Management business recorded profits in line with the budget for the period. |
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