Soaring Eagle

Eagle Insurance says its net profits have soared 55 percent for the first nine months of this year, despite stiff competition in the local arena.
Group net profits for the period under review touched Rs. 145 mn, as against Rs. 94 mn reported during the same period 2002.rn

rnThe bulls come back to the bourse, prudent investment strategies and high re-insurance commissions, largely contributed towards its bottomline.rn

rnRevenues during the period, grew 14 percent to Rs. 2.370 bn from Rs. 2.086 bn in 2002, primarily due to a 11 percent growth in life income and a 24 percent rise in its non-life business.rn

rnManaging Director Chandra Jayaratne told shareholders that the growth was significant, considering the intense competition in the local insurance market.rn

rnldblquote Our achievement is satisfactory, especially in the context of Eagle being a niche player focused on identified target markets,
dblquote Jayaratne said. rn

rnIts subsidiary, Eagle NDB Fund Management, reported a 47 percent gr