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Great Eastern's Q3 earnings plunge amid market volatility

Insurer cites valuation losses and weakening of ringgit

STRONG SALES: Great Eastern said total weighted new sales grew 33 per cent to S$266.2 million for the quarter, driven by strong demand for two new products.


HAMMERED by the widening of credit spreads, decline in equity prices and fall in long-term interest rates, insurer Great Eastern's net profit for the third quarter saw a staggering year-on-year fall of 65 per cent to S$68.4 million, or earnings per share of S$0.15.