Mauritian Eagle Insurance sees profits fall

* Net profit down 16.7 pct

* Earning per share down 7.9 pct to 5.04 rupees

* Shares up 2.7 pct

ANTANANARIVO, Nov 4 (Reuters) - Mauritian Eagle Insurance Company MEIC.MZ (MEI) posted a fall in nine-month net profit on Wednesday, but said the final quarter had started well.

MEI, a leading insurance provider on the Indian Ocean island, said net profits were down 16.7 percent to 41.12 million Mauritius rupees ($1.32 million) from 49.36 million rupees during the same period in 2008, when results had been flattered by an exceptional one-off item.

Net revenue was up 8.9 percent at 393.61 million rupees.

"Gross premiums increased by 11 percent to 552.3 million rupees, with peaks in the marine and motor departments," the group said in an unaudited statement.

It added that reinsurance costs and expenses had been contained and combined with a lower claims ratio.

Basic earnings per share for the period fell 7.9 percent to 5.04 rupees.

At 0850 GMT, MEI's stock was trading at 57 rupees a share, up 2.7 percent on the day's opening value.

"Despite lower interest rates prevailing and reduced returns on equity, management expects results for the year before exceptional items to be higher than last year," said the group. (Reporting by Richard Lough, editing by Will Waterman)