Great Eastern Q1 net profit more than doubles to S$342.7m

Singapore

GREAT Eastern's net profit for the first quarter more than doubled to S$342.7 million from S$152.9 million a year ago, on the back of higher valuation of its shareholders' fund investments resulting from favourable market conditions.

The insurance arm of OCBC Bank saw a rise in earnings per share to 72 Singapore cents for the quarter from 32 cents a year ago, it said on Friday in a regulatory filing. No dividend has been declared for the quarter, unchanged from a year ago. Shares of the company closed at S$26.16 on Friday, up 21 cents.