Sri Lanka Eagle Insurance March quarter profits drop

May 08, 2008 (LBO) – Sri Lanka’s Eagle Insurance group March quarter net profit fell by half although revenue went up, according to the results sent to the Colombo stock exchange. Net profit for the first quarter ended March 31, 2008 fell by 53 percent to 15 million rupees, compared with the same period a year ago.

Revenue of the company, owned by Aviva, went up 14.3 percent to almost 1.6 billion rupees from 1.4 billion rupees a year ago.

Gross written premium went up 15.3 percent to 1.5 billion from 1.3 billion.

Net claims and benefits rose 68.2 percent to 614 million rupees from 365 million rupees.

Investment income went up 36.9 percent to 404 million rupees from 295 million rupees.

Total assets of the group grew to almost 17.5 billion from 16.9 billion rupees while net assets went up to 2,040 million rupees from 2,025 million rupees a year ago. .