Eagle records 25 per cent growth in revenues in the first half

Eagle Insurance PLC recorded a consolidated revenue of Rs. 3,341 million for the first six months of 2008. This reflects an impressive growth of 25 per cent over the corresponding period in 2007.

The gross written premium income of the Group for the first half of 2008 grew by 17 per cent to Rs. 2,994 million over the corresponding period of 2007.

Life and general insurance premiums of Rs. 1922 million and Rs. 1071 million grew by 12 per cent and 28 per cent respectively over the same period in 2007.

The Group recorded a net profit before tax of Rs. 49 million for the first half of the year, compared to the profit of Rs. 96 million in the corresponding period in 2007.

The decrease was mainly due to higher claims costs incurred by the general insurance business.

As in previous years, these half year profits do not include a contribution from long term life insurance business, which are determined annually after the actuarial valuation at the year end and are therefore only included in the full year results.

The company's 24/7 call centre, Eagle Care, is now fully operational and the company further strengthened its support for motor customers in the first half of the year with the expansion of its motor claims network to key strategic locations on the island.

Commenting on the company's achievement Managing Director, Deepal Sooriyaarachchi said: "We are committed to delivering our promise to all our stakeholders, who have placed their trust in us".