In 1988, Eagle Insurance Company Limited took wing as the fledgling CTC Eagle Insurance Company, with Ceylon Tobacco Company (a member of BAT Industries, UK) as the Company's main shareholder.

BAT Industries divested its financial services businesses to the Zurich Financial Services Group based in Switzerland, as part of a global strategy in 1999. Thus, the company became part of an international conglomerate with the National Development Bank (NDB), Sri Lanka's development banking giant being the major local shareholder.

As the major shareholder with a 75.6% holding in its subsidiary, Capital Development and Investment Company Limited (CDIC),  NDB acquired 100% of NDB Finance Lanka Limited, the holding company (87.27%) of Eagle Insurance in 2003.  The Bank of Ceylon was also a shareholder of Eagle Insurance with its 23.92% stake in CDIC. 

In 2006, once again Eagle became a member of a multinational group. Aviva International Holdings Ltd, UK's largest insurer, became the ultimate holding company of Eagle with an indirect shareholding of 51%. The NDB holds 27.42% of shares indirectly and 5% directly in Eagle Insurance. The Bank of Ceylon too has an indirect shareholding of 8.6% in the Company.