Great Eastern's Q3 profit dives 65 per cent
A PLUNGE in insurance profits dragged down earnings for insurer Great Eastern for the third quarter.
Net profit fell 65 per cent to S$68.4 million for the three months ended Sept 30, 2015, mainly due to a 62 per cent plunge in profits from its insurance business.
Earnings per share shrank to S$0.15 for Q3, down from S$0.41 the previous year.
The insurer said in a Singapore Exchange filing on Friday that operating profit for its insurance business was hit by "a few large death claims and higher medical claims in Singapore".
Realised losses from the sale of investments also reduced profit from its shareholders' fund's investments segment.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Axiata, Sinar Mas move closer to US$3.5 billion telco merger
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Asia: Markets mixed as global rally stalls, eyes on yen