Eagle records 24% growth in revenue in Q3

Eagle Insurance PLC recorded consolidated revenue of Rs. 5,117 million for the third quarter of 2008. This reflects an impressive growth of 24% over the corresponding period in 2007.

The gross written premium income of the Group for the third quarter of 2008 grew by 15% to Rs. 4,371 million over the corresponding period in 2007.

Life gross written premiums grew by 14% whilst General Insurance recorded a growth of 16%.

Craig Brackenrig was appointed as the Chairman of the Board of Directors of the Company in place of Bert Paterson who resigned from the Board, effective 10th November 10, 2008.

This ensures a smooth transition for the leadership of the Board. Craig Brackenrig is Finance Director of Aviva plc’s Asia Pacific businesses.

Managing Director, Eagle Insurance PLC Deepal Sooriyaarachchi said, “The Board of Eagle values the leadership and direction provided by the outgoing Chairman Bert Paterson and welcomes Craig Brackenrig as the new Chairman of the company.

On the business front, despite the very challenging business environment, we believe that we have produced a satisfactory set of results.

Our driving force, as always, is our commitment to deliver value to all our stakeholders”

Encouraging Deepal Sooriyaarachchi and the Eagle team, the new Chairman Craig Brackenrig commented, “It is a great honour to be appointed Chairman of the company.

The Board believes that these results represent a satisfactory performance for Eagle, particularly when we consider the challenging economic and market conditions faced by the business. We are committed to our purpose of providing prosperity and peace of mind to our customers.”