Eagle records 18% revenue growth
Eagle Insurance recorded a consolidated revenue of Rs 1,594 million
for the first quarter of 2008, representing 18 per cent growth over the
corresponding period in 2007.
The total gross written premium income grew by 14 per cent to Rs
1,516 million compared to the previous year. Life and general insurance
premiums recorded a growth of eight per cent and 27 per cent
respectively with Rs 948 million and Rs 568 million.
The Group recorded a net profit before tax of Rs 21 million for the
quarter. This is 45 per cent 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
rising costs.
As in the previous years, the result for the quarter does not include
contribution 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 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. We are confident that our initiatives are
well-suited to the current environment and will produce satisfactory
results at year-end."
The Chairman, Eagle Insurance, Bert Paterson commented, "We have an
aggressive growth strategy. The Board remains confident that the Company
will forge ahead even in this very challenging business environment." |