SINGAPORE: Great Eastern Holdings' first-quarter earnings dropped 67% on-year to S$45 million.

This was despite a 23% rise in revenue to S$2.6b.

According to the insurer, debt and equity market volatility resulted in marked-to-market losses for investments.

The non-participating funds segment recorded a loss of S$29.7 million for the quarter, swinging from a profit of S$53.4 million.

The company's bottom line was also hurt by an increase in long-term insurance contract liabilities.

OCBC Bank owns 87% of Great Eastern, which operates in Singapore, China, Malaysia and Indonesia. - CNA/ir