• Recorded a growth of 18% in Consolidated revenue, which stands at Rs 1,594 million
• Life and General insurance business grew by 8% and 27% respectively
Eagle Insurance PLC recorded a consolidated revenue of Rs. 1,594 million for the first quarter of 2008, representing 18% growth over the corresponding period in 2007. The total gross written premium income grew by 14% to Rs.1, 516 million compared to the previous year. Life and general insurance premiums recorded a growth of 8% and 27% respectively with Rs. 948 million and Rs.568 million.
The Group recorded a net profit before tax of Rs. 21 million for the quarter. This is 45% lower than the corresponding period of 2007. The dip in performance was due to the large number of claims settled in the general insurance business. The Group’s commitment towards expense management initiatives has ensured that the operating expenses are within the budget, despite rising costs.
As in the previous years, the result for the quarter does not include contribution from the long-term business, which is determined annually after the actuarial valuation and included in the full year results.
Eagle expanded its product offering by launching a range of insurance products for its bancassurance customers. In keeping with its core value of “dedication to customers” the company launched “Eagle Care Centre” – a state of the art, 24 hour call centre for the life and general insurance customers. Now Eagle customers can call “one number” for all their insurance needs. This includes specialized and speedier assistance in motor claims.
Commenting on the Company’s achievement the Managing Director, Mr. Deepal Sooriyaarachchi said, “General insurance business has performed satisfactorily during the first quarter of 2008. We have launched strategic initiatives to improve the net claims cost for the remaining period of 2008. Sound strategies are in place to secure a rapid growth in Life insurance business. We are confident that our initiatives are well-suited to the current environment and will produce satisfactory results at year-end.”
Mr. Bert Paterson, the Chairman, Eagle Insurance, commented, “We have an aggressive growth strategy. The Board remains confident that the Company will forge ahead even in this very challenging business environment.”
About Aviva
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 £364 billion assets under management. |
