• Reports a consolidated revenue of Rs 3,309 million
• Non-life gross written premiums grew by 16%
• Life gross written premiums grew by 12%

Eagle Insurance Company Limited recorded a consolidated revenue of Rs 3,309 million for the nine months ended 30th September 2006. This was a 10% increase over the corresponding period in 2005. The total gross written premium income of the company was Rs. 3,091 million, an increase of 13% over the corresponding period in 2005. The Life business contributed 70% of total gross written premium and the non life business, 30%. Growth of gross written premium in each of the company’s main businesses was very satisfactory given the challenging political and macro economic conditions, with increases of 12% and 16% in the Life business and non life business respectively.

The Profit before tax for the period was Rs.71.6 million, 51% lower than the corresponding period of 2005, mainly due to high non life claims and lower investment income. As in previous years, the quarterly results do not include a contribution from the life insurance business, which is determined annually after the actuarial valuation at the year end and is included in the full year results.

Although the year-to-date profit is significantly lower than the same period last year, an interim dividend of Rs. 2.50 per share has been approved by the board, which maintains the interim dividend at the same level as the prior year. The amount of any subsequent final dividend will depend upon the level of profits reported in the audited accounts for the full year.

Commenting on the company’s achievement Managing Director, Mr. Deepal Sooriyaarachchi said, “Our third quarter results are satisfactory. We are in the process of expanding our distribution reach. We have put in place strategies to enhance distribution effectiveness and achieve continued growth momentum.”

Leveraging on the bancassurance expertise of the Aviva group, the Company has secured Standard Chartered Bank as its second bancassurance partnership. The Company was also ranked as one of the “10 Best Corporate Citizens” for the third successive year and was named “Winner of the Customer Relations Category”, by the Ceylon Chamber of Commerce as part of its Best Corporate Citizen Awards. In relation to Corporate Social Responsibility, Eagle was ranked Asia’s number 1 in the industry by Asian Insurance Review, in light of Eagle’s policy of “CSR without fanfare”

“We are proud of our significant achievements both locally and internationally but we will not rest on our laurels and will continue to improve ourselves and serve our customers even better.” added Mr. Sooriyaarachchi.

Re-affirming its aggressive growth plans in the Sri Lankan market, Mr. Grant Barrans, the Chairman Eagle Insurance, commented on the achievements of the company, stating "These are satisfactory results, especially given the difficult domestic environment in Sri Lanka currently. The work being done to extend and deepen our distribution reach,
including the new bancassurance agreement with Standard Chartered Bank, is laying the foundation for future growth. We are also delighted with Eagle’s most recent achievements in Corporate Social Responsibility. At Aviva, CSR is part of our core-values.”

In February 2006, the Aviva group acquired a majority stake in Eagle, with National Development 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 58,000 employees serving 35 million customers worldwide with more than Sterling Pounds 320 billion assets under management.