Great Eastern Q3 gain down by half

GREAT Eastern Holdings has reported growth in its core insurance business although the absence of year- ago one-time gains dragged its third-quarter bottom- line net profit down by 54 per cent.

Looking ahead, the insurer said that it was too early to forecast the impact of new financial advisory rules that come into effect in 2014, and that global economic conditions will remain uncertain for a while.

Great Eastern posted lower year-on-year third- quarter net profit attributable to shareholders of $282.8 million, or 60 cents per share, for the three months ended September. But excluding a $421.6 million boost to the year-ago numbers from Great Eastern's sale of its interests in Fraser and Neave (F&N) and Asia Pacific Breweries (APB), Great Eastern would have seen a 43 per cent increase in net profit.