| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE: Insurer Great Eastern said on Wednesday its 2009 full-year net profit rose 90 per cent year-on-year to S$516.7 million, with the boost coming from the second half.
However, gross premiums fell 17 per cent to about S$5.8 billion.
Great Eastern did well in the fourth quarter, with profit jumping 94 per cent to S$148.4 million, as premiums rose 24 per cent to S$1.3 billion.
The company said the strong performance was due to the increase in investment returns on its non participating fund, in line with the improving market conditions.
Great Eastern said its full-year profit from insurance operations registered a sharp increase of 137 per cent to around S$751 million.
This included a non-recurring profit of S$210.4 million from the implementation of a new risk-based regulatory capital framework in Malaysia and a portfolio-matching exercise in Singapore in the first quarter of the year.
But investments in the shareholders' fund suffered a loss of S$127.2 million, due to a one-time redemption offer made to GreatLink Choice policy holders.
Looking ahead, chief executive officer Ng Keng Hooi said that with improving economic conditions, customers are gaining confidence in buying new policies.
He said Great Eastern will continue to grow its profitable annual premium business and actively identify new distribution channels to tap new customer segments.
- CNA/yb
|
