Great Eastern's Q3 profit slips 4% on non-operating losses

Singapore

GREAT Eastern Holdings posted a 4 per cent drop in net profit to S$205.1 million for the third quarter ended Sept 30, from S$213.3 million a year ago.

The insurance arm of OCBC Bank was weighed down by non-operating losses of S$31.8 million, compared to a non-operating profit of S$20.6 million in the corresponding period last year. Great Eastern said this was due to higher valuation of insurance contract liabilities as a result of a drop in the discount rate used to value these liabilities.