FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern Holdings profits crashed 26% to $213.3m in Q3

Operating profit from insurance business slipped 11% to $141.4m.

Great Eastern Holdings (GEH) recorded a decline of 26% YoY in its profits to $213.3m from $287.5m, an announcement revealed. Total income rose 15% to $4.87b.

The firm said that the decline in profits was due to the favourable financial market conditions back in 2017.

In its financial statement, the firm revealed that its net premiums grew 13.3% YoY to $3.42b.

The firm’s operating profit from insurance business fell 11% YoY to $141.4m due to the release of reserves arising from repositioning of the maturity profile of the assets and liabilities in 2017.

Also read: Great Eastern Holdings Q1 profits surged 68% to $152.9m
GEH noted that Singapore’s growth was fuelled by strong sales from the agency channel. Meanwhile, Malaysia and Indonesia was pushed by all distribution channels.

For Q3, GEH’s total weighted new sales jumped 14% to $347.1m.

“We have made good strides in our digitalisation transformation which is focused on creating seamless customer experience and empower customers to make more informed decisions regarding their needs,” GEH group CEO Khor Hock Seng said.

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