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SINGAPORE: Great Eastern Holdings said its third quarter net profit rose 9 per cent on-year to S$135 million due to a 53 per cent rise in gross premiums.
Great Eastern's insurance operations also recorded better profit – up 28 per cent to S$145 million in the third quarter.
But for the first nine months, the insurer posted a 51 per cent drop in net profit to S$196 million.
For the same period ending September, revenue inched upwards by 12 per cent to hit S$7.5 billion.
Tan Beng Lee, director & group CEO of Great Eastern, said the company's underlying insurance business remains strong, but the outlook going forward will continue to be affected by local, regional and global economic conditions.
Mr Tan said he expects continued volatility in the equity and debt markets to impact earnings of the group's insurance business.
- CNA/so
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