FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern's profit surged to $1.16b in 2017

This was driven by a higher profit from its insurance business.

Great Eastern Holdings Limited reported that its profit ballooned by 96% YoY from $589.3m to $1.16b in 2017.

According to its financial statement, this was due to higher profit from its insurance business, rising by 72% YoY to $899.9m.

The increase was also boosted by gains from investments sales due to favourable market conditions, and changes in fair value, Great Eastern said.

Profit from shareholders’ fund’s investments also went up to $434.7m, which was driven by higher sales of investments compared to the previous year.

Further, the company’s expenses rose by 14% YoY to $117.2m, from $103.2m in the previous year, whilst fees and other income increased to $88.5m.

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