Eagle Insurance plc reported a consolidated revenue of Rs4,119 million in the third quarter of 2007. This reflects a growth of 24% over the corresponding period in 2006.
- Reports a consolidated revenue of Rs4,119 million
- General insurance gross written premiums grew by 31%
- Life gross written premiums grew by 20%
Eagle Insurance plc reported a consolidated revenue of Rs 4,119 million in the third quarter of 2007. This reflects a growth of 24% over the corresponding period in 2006. The total gross written premium income was Rs3,817 million, a growth of 23% over the corresponding period of 2006. Life gross written premiums grew by 20%, and general insurance recorded a growth of 31% over the same period in 2006.
Profit before tax was reported as Rs119 million, a growth of 66%, while the general insurance business recorded a profit of Rs97 million, a 65% increase over the corresponding period in 2006.
As in the previous years, these results do not include a contribution from long term insurance business. Profits from this line of business are determined annually after the actuarial valuation at the year end and are included in the full year results.
An interim dividend of Rs2.50 per share has been approved by the Board, which maintains the interim dividend at the same level as the previous year. The amount of any subsequent final dividend will depend upon the level of profits reported in the audited accounts for the full year.
Eagle Insurance plc also announced the names of the new board members on this occasion. Bert Paterson has been appointed as the chairman of Eagle Insurance plc and Craig Brackenrig and Marie Sigsworth are the two new appointments to the board of directors. Bert Paterson is also the CEO and managing director of Aviva India and has been with the Aviva group since 1986.
Commenting on the company's achievements, Deepal Sooriyaarachchi, managing director, Eagle Insurance plc said: "We are happy that our third quarter results are in line with our commitment to deliver value to our stakeholders. We are confident that we will achieve satisfactory year end results"
Congratulating Deepal Sooriyaarachchi and the Eagle team, Bert Paterson, chairman, Eagle Insurance plc commented: "Sri Lanka is a very important market for Aviva. The excellent growth recorded in Q3 has been encouraging. We are committed to growing our operations in Sri Lanka and provide prosperity and peace of mind to our customers."
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For further details please contact:
Nishanthi Gunewardena - 2310078
Notes to editors:
In February 2006, the Aviva group acquired a majority stake in Eagle, with NDB bank remaining a significant shareholder. Aviva is the world's oldest insurance group, with a history dating back 300 years to 1696. Today it is the world's fifth-largest insurance group and the biggest in the UK. The group has 59,000 employees world-wide, serving 40 million customers with £377 billion assets under management.