August 16, 2007 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, has reported sharply higher net profit for the June quarter of 50 million rupees up 203 percent, with higher investment income boosting the bottomline. “Eagle’s bancassurance partnerships with NDB bank and Standard Chartered Bank have continued to contribute positively to results in the first half of year 2007,” the statement said.
Gross written premium rose 22 percent to 2.54 billion rupees according to interim results announced by the firm, while total revenue was reported as growing 21 percent to 2.67 billion rupees.
Eagle Insurance chairman Grant Barrans said in the statement that profits earned by general insurance business in the first half of 81 million rupees was 64 percent higher than the first half of last year.
“This was mainly contributed by higher net earned premiums and investment income earned on fixed income securities.”
The firm paid 427 million in claims, up 54 percent.
“The company’s continuous commitment towards the implementation of expense management initiatives enabled Eagle to keep the group’s operating expenses for the period within acceptable levels,” Barrans said.
In the six months to Jun