• Reports a consolidated revenue of Rs 2,201 million
• Non-life gross written premiums grew by 19%
• Life gross written premiums grew by 18%

August 15, Colombo: Eagle reported consolidated revenue of Rs 2,201 million, a 17% increase over the corresponding period of 2005. Total gross written premium income grew to Rs. 2,084 million, an increase of 18%. Non-life gross written premiums grew by 19% and Life gross written premiums grew by 18%.

Profit before tax of Rs. 59 million was achieved. The Non-life component of this was Rs. 49.5 million. Profits have dropped compared to 2005 due to higher Non-life claims this year. As in previous years, these half year results do not include a contribution from long term life insurance business. Profits from this line of business are determined annually after the actuarial valuation at the year end and included in the full year results. Expenses were maintained well within the budgets due to effective expense management and resource management initiatives.

Commenting on the company’s achievement Managing Director, Mr. Deepal Sooriyaarachchi said, “Our first-half results are satisfactory and the business strategies are in place to enhance distribution effectiveness, facilitated through focused capability development.”

Encouraging Deepal Sooriyaarachchi and the Eagle team, Mr. Grant Barrans, Chairman Eagle Insurance said, “We have aggressive growth plans for the Sri Lankan market and I am confident that we are in an excellent position to deliver on these plans".

The Aviva Group recently 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.