Great Eastern Q2 net profit down 29% on non-operating losses

Singapore

GREAT Eastern Holdings' second-quarter net profit fell 29 per cent to S$169 million from S$237.6 million for the same year-ago period on the back of non-operating losses.

The insurer turned in a non-operating loss of S$26 million versus a profit of S$15.3 million previously. Great Eastern attributed the loss to "higher valuation of long-term insurance contract liabilities" due to "a decline in the discount rate used to value these liabilities".