Eagle records 30 percent growth

In revenues for 1H of 2009:

Eagle Insurance PLC recorded a consolidated revenue of Rs.4,339 million for the first six months of 2009. This reflects a growth of 30 percent over the corresponding period in 2008.

The Total Gross Written Premium income of Rs. 2,981 million is almost in line with the previous year, a company media release said.

The Group's net profit performance for the first half of 2009 is impressive at Rs. 247 million compared to the net profit of Rs. 42 million in the first half of 2008.

This noteworthy growth of 482 percent is mainly attributed to the significant increase in investment income and the underwriting result of the General insurance business.

Investment income of the Company and Group includes capital gains of Rs. 98 million and Rs. 29 million respectively, arising from the disposal of the Company's fully owned subsidiary - Eagle NDB Fund Management Company Limited.

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.

The profit from long-term insurance business will be included in the financial results for the year.