Eagle posts Rs. 98m profit
Eagle Insurance PLC recorded a consolidated revenue of Rs. 1,926
million for the first quarter 2009, reflecting a growth of 21 percent
over the corresponding period of 2008. During this period total Gross
Written Premium income grew by 2 percent to Rs.1, 547 million.
The Group's net profit performance for the quarter is impressive at
Rs. 98 million compared to the first quarter 2008 net profit of Rs.15
million. The growth in profits is mainly attributed to the relatively
higher investment income earned by the Group and the improved
underwriting results of the general insurance business.
The financial results for the quarter do not include a bottom-line
contribution from the long-term insurance business as it is usual that
this profit is determined at the end of the financial period after the
actuarial valuation is carried out. As such, the profit from long-term
insurance business is included in the financial results for the year.
Supported by the impressive profit performance, the shareholders'
equity increased to Rs. 2, 322 million by end March 2009. During the
quarter the total assets of the Group increased by Rs. 943 million to
stand at Rs. 20, 734 million by March 31, 2009.
Commenting on the Company's performance, Managing Director, Deepal
Sooriyaarachchi, said, "We believe that this impressive performance in
the context of challenging macro-economic conditions displays the
prudent strategies put in place by the Company. We are confident that
our efforts will yield positive results."
Chairman Eagle Insurance Craig Brackenrig, commended the Eagle team
saying, "I am pleased to note the focused initiatives proactively
identified and implemented by the Company and the strategic approaches
taken to operate in a very challenging environment."
LiveSmart a unit-linked retirement fund building plan positioned as
"A smart way to retire" catering to the need of individuals who aspire
to retire early, continues to contribute significantly to the overall
sales of Q1, 2009. The critical illness benefit offered by the Company
was also further enhanced with the inclusion of cover for angioplasty
which is a timely market need. |