May 16, 2007 (LBO) – Eagle Insurance consolidated revenue rose 24 percent to 1.35 billion for first quarter of March 2007, but a higher claims bill dragged profits down 13 percent to 31 million rupees, the firm’s latest results showed. Gross written premium also increased 26 percent to 1.3 billion rupees.
Eagle Insurance Chairman Grant Barrans says the life insurance premiums grew 21 percent to 881 million rupees while general premium grew 37 percent to 446 million rupees in the first quarter ending in March.
“Profits recorded by the general insurance business of 32 million rupees, were nine percent lower than the first quarter of last year,” he said.
“This was mainly due to an increase in net claims over 2006.”
The quarterly results of the company does not include profits from the life insurance business as the information comes at the end of the year following an actuarial valuation.
Accident premiums grew 86 percent to 113 million rupees and motor insurance premium doubled to 150 million in the general premium category.
Company’s corporate insurance policies in long-term insurance dropped 76 percent to six million.
“Despite a two-digit inflation rate prevailing in the economy, management e