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Great Eastern's Q1 net profit more than double from a year ago
Great Eastern Holdings on Friday reported that its net profit for the first quarter of 2017 stood at S$217.9 million, up 125 per cent compared to S$96.9 million a year ago.
The improved performance was attributed to a higher non-operating profit due to narrowing of credit spreads and rally in equity market, as well as a higher profit from shareholders' fund's investments.
Profit from shareholders' fund's investments for Q1 2017 was S$68.9 million, compared to S$28.9 million a year ago, mainly because of higher realised gains from sale of investments and lower foreign exchange losses from US Dollar denominated investments, partly offset by change in third-party's interests in consolidated investment funds.
The group's profit from insurance business was S$181.8 million, compared to S$89.1 million a year ago, mainly because of higher contribution from its Singapore business.