Eagle records 24% growth in revenue in Q 3

Eagle Insurance PLC reported consolidated revenue of Rs. 4,119 million in the third quarter of 2007. This reflects a growth of 24 per cent over the corresponding period in 2006. The total gross written premium income was

Rs. 3,817 million, a growth of 23 per cent over the corresponding period of 2006. Life gross written premiums grew by 20 per cent, and General Insurance recorded a growth of 31 per cent over the same period in 2006.

Profit before tax was reported as Rs. 119 million, a growth of 66 per cent, while the General Insurance business recorded a profit of Rs. 97 million, a 65 per cent increase over the corresponding period in 2006. As in the previous years, these results do not include a contribution from long term insurance business. Profits from this line of business are determined annually after the actuarial valuation at the year-end and are included in the full year results. An interim dividend of Rs. 2.50 per share has been approved by the Board, which maintains the interim dividend at the same level as the previous year. The amount of any subsequent final dividend will depend upon the level of profits reported in the audited accounts for the full year.

Eagle Insurance PLC also announced the names of the new board members on this occasion. Bert Paterson has been appointed as the Chairman of Eagle Insurance PLC and Craig Brackenrig and Marie Sigsworth are the two new appointments to the Board of Directors. Bert Paterson is also the CEO and Managing Director of Aviva India and has been with the Aviva Group since 1986.

“ We are happy that our third quarter results are in line with our commitment to deliver value to our stakeholders. We are confident that we will achieve satisfactory year end results,” Managing Director, Eagle Insurance PLC Deepal Sooriyaarachchi said. “Sri Lanka is a very important market for Aviva. The excellent growth recorded in Q3 has been encouraging. We are committed to growing our operations in Sri Lanka and provide prosperity and peace of mind to our customers,” Chairman, Eagle Insurance PLC Bert Paterson said.