Sri Lanka Eagle Insurance June quarter profit falls

Aug 15, 2008 (LBO) – Sri Lanka’s Eagle Insurance group June quarter net profit fell by almost half compared with the same period a year ago, according to interim results released by the firm. Eagle’s second quarter net profit was down 46 percent to 27 million rupees with profits for the first half also down 48 percent to 42 million from a year ago.

Net profit for the first quarter ended March 31, 2008 had fallen by 53 percent to 15 million rupees.

In the June quarter, revenue of the company, owned by Aviva, rose to 30.8 percent to 1.7 billion rupees from 1.3 billion a year ago.

Gross written premium went up 25 percent to almost 1.5 billion from 1.2 billion.

Net claims and benefits rose 41.5 percent to 604 million rupees from 427 million rupees.

Investment income went up 73.6 percent to 479 million rupees from 276 million rupees.

Total assets of the group were almost 18 billion rupees compared with 17 billion rupees a year ago while net assets were 1.97 billion rupees compared with 2.03 billion rupees a year ago.