Great Eastern's Q1 profit down 56% amid volatile markets

Singapore

A WEAKER insurance business amid volatile markets meant that Great Eastern Holdings' net profit for the three months from January was down 56 per cent year on year to S$96.9 million.

The insurance group on Tuesday said that unrealised fair value losses from valuation of assets and liabilities in the insurance business amid unfavourable financial market conditions had contributed to lower earnings.

Profit from the insurance business was 57 per cent lower for the first quarter 2016, at S$89.1 million, due to unrealised losses from …