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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.

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