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Great Eastern Q4 earnings down 26%

Profit from core insurance business falls 23% to $172 million due partly to one-off items

Angela Tan

Published Fri, Feb 7, 2014 · 10:00 PM

Singapore

GREAT Eastern Holdings Limited reported yesterday that its net profit for the fourth quarter ended Dec 31, 2013, fell 26 per cent to $165.9 million from $225.6 million a year ago due to lower profit from its insurance business.

Profit from its core insurance business fell 23 per cent to $172.1 million during the period.

But the subsidiary of OCBC Bank said the decline was partly due to the combined effects of two one-off items, namely: a release of tax provisions in the fourth quarter of 2012 which boosted the Singapore…

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