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.

Operating profit grew by 28% to 36 million and the consolidated profit after tax registered a growth of 36% to 33 million over the same period last year, despite a significant increase in claims costs incurred by both in Life and Non-life business. In line with the company's prudent claims reserving policy, supported by actuarial recommendations, a further provision of Rs. 10 mn. was made on account of incurred but not reported claims (IBNR). Effective expense and resource management initiatives contributed to the profit after tax of Non-life Insurance. Asset management business recorded profits in line with the budget for the period.

The Company, as a measure to provide higher security to its insuring public issued an audited solvency certificate confirming the solvency position of the long-term and Non-life insurance business as at 31st December 2004 conforming to the proposed rules applicable under section 47 of the Regulation of Insurance Industry Act no. 43 of 2000. Eagle was the first to comply with the proposed regulation, in fact 3 years ahead of schedule.

Commenting on the company's achievement Managing Director, Mr. Chandra Jayaratne said "Our first quarter results are satisfactory and business strategies which are in place will ensure that the year-end results are achieved as planned."