Eagle records 32% growth in revenue at end Q3, 2009
Net profit up 6.3 times over corresponding period in 2008, to Rs. 322 million - 3rd December 2009
• Consolidated revenue up by 32% to Rs.6,742 million
• Total Gross Written Premium grows by 7% to Rs. 4,697 million
Mr Deepal Sooriyaarachchi
- Managing Director
Eagle Insurance PLC recorded a consolidated revenue of Rs. 6,742 million as at end of 3rd Quarter, 2009. This reflects a growth of 32% over the corresponding period in 2008. Total Gross Written Premium income of Rs. 4,697 million recorded a growth of 7% compared to the previous year.
The Group's net profit performance for the nine months ended 30th September is impressive at Rs. 322 million, being 6.3 times the amount recorded in the corresponding period in 2008. This growth is mainly attributed to the significant increase in investment income and the improved underwriting results of the General insurance business.
The financial results for the first nine months 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.
The Company has released its quarterly financial results to the Colombo Stock Exchange in terms of the new Listing Rules. The quarterly financial results are now made available to the shareholders in the Company’s web site and any shareholder who wishes to obtain a printed copy can, on request, obtain a copy from the Company.
Commenting on the Company's performance, Managing Director, Deepal Sooriyaarachchi said "This is a solid set of results. We are now yielding the benefits of the strategies set in place at the beginning of 2009, coupled with the Eagle Team’s focused contribution and commitment."
William Lisle, Chairman, Eagle Insurance commended the Company's performance and added. "I am confident that the Company's strategies in place for the growth of the business will deliver satisfactory performance for 2009, over 2008. We are committed to bring in Prosperity and Peace of Mind to all our stakeholders."
Eagle recently started its expansion drive in the North and the East with the launch of the Jaffna branch. Eagle will also expand further in the North and East with the forthcoming opening of branches in Batticaloa and Vavuniya. Along with these planned branch openings a total of five Eagle branches will cover both the Northern and Eastern parts of the island making the Company very well positioned to cater to the needs of the population in the North and East.
In a unique Private Public Partnership, Eagle entered into an MOU with Wayamba University, the only university to offer a B.Sc. Special Degree Programme in Insurance, to provide a certificate level qualification in Personal Financial Management exclusively to the Insurance Advisors of Eagle. This will enhance the financial knowledge of Eagle agents. Through this capability development Eagle customers will receive the best advice, which is one of the Company’s key corporate responsibilities.
About Aviva
Aviva is the world's fifth-largest* insurance group, serving over 50 million customers across Europe, North America and the Asia Pacific. Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £51.4 billion and funds under management of £381 billion as at 31 December 2008. Aviva is the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe. (*based on gross worldwide premiums as at 31st December 2008.)
In Asia Pacific, Aviva operates in China, India, Korea, Sri Lanka, Hong Kong, Singapore, Malaysia and Taiwan. Aviva's long-term savings products and services are distributed through a multi-channel network, which includes a direct sales force, insurance intermediaries and bancassurance partners.
In February 2006, the Aviva Group acquired a majority stake in Eagle Insurance.
