Eagle Insurance profits
soar
Eagle Insurance said last week group consolidated
turnover rose to Rs 1.1 billion, up 18 percent for the first quarter
2006 against the corresponding 2005 quarter.
According to the un-audited results, pre-tax profit was Rs. 39.5
million recorded a growth of 10 percent over the corresponding period
of 2005.
The statement said the Gross written Premium income of Life and
Non-life business Rs 1.0 billion, recorded an aggregate growth of
18 percent over the previous period. Life premiums recorded a growth
of 15 percent, while non-life premiums grew by 26 percent.
The pre-tax profit for non-life business was Rs.35.1 million. In
line with company’s prudent claims reserving policy and actuarial
recommendations, a further provision for incurred but not reported
claims (IBNR) of Rs 6.5 million was made during the quarter. Effective
expense management and resource management initiatives contributed
to maintaining expenses within budgets in the face of rising inflation,
it said.
The company said Eagle Insurance went through a smooth transition
of ownership from NDB Bank Ltd to Aviva International Holdings Ltd,
following Aviva’s acquisition of 51 percent indirect shareholding
in the company.
“Leveraging on Aviva’s global experience , the company
is in the process of aligning its processes and procedures with
those of the Aviva Group in identified business and service areas
to deliver a superior benefit to stakeholders,” the statement
said.
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