Eagle records 17% growth in revenue in 1st half of 2006

COMPANY RESULT: Eagle reported consolidated revenue of Rs. 2,201 million, a 17% increase over the corresponding period of 2005.

Total gross written premium income grew to Rs. 2,084 million, an increase of 18%.

Non-life gross written premiums grew by 19% and Life gross written premiums grew by 18%.

Profit before tax of Rs. 59 million was achieved. The Non-life component of this was Rs. 49.5 million.

Profits have dropped compared to 2005 due to higher Non-life claims this year.

As in previous years, these half year results do not include a contribution from long term life insurance business.

Profits from this line of business are determined annually after the actuarial valuation at the year end and included in the full year results.

Expenses were maintained well within the budgets due to effective expense management and resource management initiatives.

Company's Managing Director, Deepal Sooriyaarachchi said, "Our first-half results are satisfactory and the business strategies are in place to enhance distribution effectiveness, facilitated through focused capability development."

The Aviva Group recently acquired a majority stake in Eagle with National Development Bank remaining a significant shareholder.