Sri Lanka Eagle Insurance 2007 profits flat

Mar 04, 2008 (LBO) – Sri Lanka's Eagle Insurance group net profit for the 2007 financial year was flat at 527 million rupees although revenue went up 23 percent to 5.9 billion from 4.8 billion rupees. Total assets of the group grew to almost 17 billion from 14.9 billion rupees while net assets grew 16 percent to two billion rupees.

Gross written premium went up 23.9 percent to 5.7 billion from 4.6 billion, according to its annual report.

A statement by the company, owned by Aviva, said the gross written premium of life insurance business grew 20 percent and general business grew by 27 percent, although it did not giver figures.

"The growth in life gross written premium is a commendable performance achieved amidst difficult economic conditions while the growth of general insurance has been fuelled by an impressive 45 percent growth in the motor business," the company statement said.

The company said its timely entry into the Bancassurance market, relying on Aviva’s global expertise, has delivered "excellent growth."

The statement said the performance was also helped by the strategic partnership with Sampath Bank, the fourth largest private commercial bank in Sri Lanka.