Great Eastern's Q1 earnings up 12%

GREAT Eastern Holdings yesterday posted a 12 per cent rise in first-quarter net profit to $231.6 million, up from $207.5 million a year ago.

This is thanks to better performance of the insurance business as well as a one-off gain of $31.9 million from the divestment of its stake in joint venture Great Eastern Life Assurance (China) from 50 to 25 per cent.

In line with the rise, earnings per share increased from 44 cents to 49 cents.