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| Eagle achieves satisfactory performance in the 1st half - May 2005 |
Eagle recorded a growth of 8% in consolidated revenue to Rs. 1,876 mn. for the first half of 2005 compared with Rs. 1742 mn. in the first half of 2004. Non-life written premium grew by 11% from Rs. 469 mn. to Rs. 521 mn. over the same period. This is considered a significant achievement in the context of increased competition and continuous efforts in streamlining the Non-life business portfolios. Life gross written premiums recorded a growth of 12% over 2004.
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| Eagle grows while providing high security to clients
-June 2005 |
| Eagle recorded a growth of 12% in consolidated revenue to Rs. 921 mn. for the first quarter of 2005 compared with Rs. 824 mn. in the first quarter of 2004. A 14 % growth in Life revenue from Rs. 678 mn. to Rs. 773 mn. over the same period is considered a significant achievement in the context of the unfavorable macro-economic conditions prevailing during the period. Professional underwriting practices and continuous efforts made by the company to streamline business portfolios, resulted in reduced Non-life written premiums. |
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Smooth transition of leadership at Eagle as Deepal takes over from Chandra
-1 July 2005 |
| In line with the Company's leadership transition plan announced in January 2005, Deepal Sooriyaarachchi, the Chief Executive Officer of Eagle Insurance has been appointed to the Board of Directors and will assume his new function as Director/Chief Executive Officer on
1 July 2005. Chandra Jayaratne will relinquish his executive duties on 30 June 2005 but will remain in office as a Director until the end of the year to ensure a smooth transition of leadership before he retires, having been the driving force behind Eagle Insurance since the inception of the company. |
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| Solvency Margin - the acid test of insurance for the insured - 29 March 2005 |
| In life and in business having to face risks is inevitable. A risk can be defined as the probability of an occurrence that results in a loss. In business, it is expected to use prudence in managing various risks the business may face, recognizing the Probability and the Severity of such risks. |
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| Eagle Insurance creates 'resilience reserve' for disaster cover -29 March 2005 |
| Eagle Insurance Company Ltd., whose profits fell by 20 percent last year owing to tsunami claims, introduced a resilience reserve, which its Managing Director Chandra Jayaratne called a market first.
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| Eagle validates Post Tsunami Solvency, Claims Provisions and Admissibility of Assets
- 23 January 2005 |
| In releasing the interim financial performance details of 2004, Eagle has validated the adequacy of solvency, claims provisions and admissibility of assets in line with the standards stipulated by the Insurance Regulator. This is also in keeping with the best corporate governance practices and prudent financial policies consistently adopted by the Company. |
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Eagle goes beyond contractual obligations to settle claims of Tsunami victims
- 6 January 2005 |
| Demonstrating Eagle's continued commitment to its policyholders and capability to deliver more than promised the company has taken steps to support clients who have been affected by the recent Tsunami with a special scheme. This has been developed to minimize the impact on the national economy to support the national economic development through the re-establishment of the affected sources of economic value and to strengthen public confidence in the insurance industry in general. |
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Deepal Sooriyaarachchi appointed as CEO of Eagle Insurance
-3 January 2005 |
| Deepal Sooriyaarachchi, who was the Chief Operating Officer at Eagle Insurance, was appointed as the new Chief Executive Officer effective from 1 January, 2005. He will work closely with Chandra Jayaratne who will continue to function as the Managing Director to facilitate a smooth transition of leadership in 2005.
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