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Great Eastern's Q3 profit dives 65 per cent

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A plunge in insurance profits dragged down earnings for insurer Great Eastern for the third quarter.

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.

sentifi.com

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