Eagle Insurance once again commenced the first quarter of 2001, by recording an increase in Revenues of 11% over corresponding period last year and a profit after tax of Rs. 33 million, which is a 25% increase over the previous year.
Life premium income growth of 5% over the corresponding period last year to Rs. 449 million is mainly due to the success of the Eagle Investment Plans. Non Life premium increased marginally to Rs. 231 million, with a renewed focus on profitable business segments. Asset management operations continued to yield positive results.
Frank Schnewlin, the Chairman, Eagle Insurance and a main board member of Zurich Financial Services Group has relinquished his position on the board of Eagle Insurance with effect from 23rd May 2001. Warwick Churche, former Chief Life Actuary of the Zurich Financial Services Group and currently the Chief Financial Officer of the Asia Pacific region of the group has been appointed a director of the Company in place of Frank Schnewlin. Warwick Churche was elected the Chairman of the Company with effect from 23rd May 2001.
