ISSN: 1391 - 0531
Sunday, February 25, 2007
Vol. 41 - No 39
Financial Times  

Eagle Insurance continues growth trend

Eagle Insurance Company Ltd recorded consolidated revenue of Rs.4,813 million for the year ended 31st December 2006, the company said.

This reflects 13% growth over the previous year. The total gross written premium of Life and General insurance business increased 14% compared to the prior year. The profit after tax of Rs. 523 million is up slightly at 2% above 2005. However 2005 included the benefit high levels of realized capital gains on equity portfolios achieved during the pre-election period in 2005 of Rs. 124 million). When adjusted for this, the underlying increase in profit after tax is strong at 34%. The recorded profit in 2006 is in line with the company’s profit expectation for the year and is a reflection of the effective execution of planned strategies in the areas of business development, revenue expansion, investment and operational efficiency, the statement said.

It said the company was able to maintain its track record in delivering impressive shareholder returns with a Return on Net Assets (RONA) of 31% for the year 2006. Eagle’s balance sheet was further strengthened, with net assets recording a growth of 19% over the previous year.

 
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