Favourable market conditions lift Great Eastern's Q2 profit

A SIGNIFICANTLY higher unrealised mark-to-market gains due to more favourable financial market conditions lifted insurer Great Eastern Holding's second-quarter earnings to S$244.6 million from S$18.6 million a year ago.

This was boosted by a sharp turnaround in its non-participating fund, which came in at S$134.3 million this quarter, compared with the S$63.4 million loss in 2013.

Its profit from the insurance unit rose to S$228.8 million for the three months ended June, up from the S$15.2 million in the same period last year, due mainly to a higher non-operating profit.