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Great Eastern post Q1 net profit of S$179.1m
ChannelNewsasia.com - 14 hrs 31 mins ago
SINGAPORE: Insurance firm, Great Eastern, said its first quarter net profit fell 24 per cent to S$179.1 million compared to the same quarter a year earlier.
This is because of a higher base in first quarter net profit last year due to a one-time gain profit contribution of S$195.5 million.
This was due to the move to a new risk-based regulatory capital framework in Malaysia and a portfolio matching exercise in Singapore.
Excluding the one-time gain, the firm's net profit rose three-fold due to improved underwriting results and strong investment performance from the continued recovery of the global financial markets.
In fact, gross written premiums for the three months ended March increased 14 per cent to S$1.3 billion.
However, profit from insurance operations fell 45 per cent to S$151.9 million.
Looking ahead, CEO Ng Keng Hooi said one key area of focus for the group will be to strengthen its agency force and further raise productivity levels.
ChannelNewsasia.com - 14 hrs 31 mins ago
SINGAPORE: Insurance firm, Great Eastern, said its first quarter net profit fell 24 per cent to S$179.1 million compared to the same quarter a year earlier.
This is because of a higher base in first quarter net profit last year due to a one-time gain profit contribution of S$195.5 million.
This was due to the move to a new risk-based regulatory capital framework in Malaysia and a portfolio matching exercise in Singapore.
Excluding the one-time gain, the firm's net profit rose three-fold due to improved underwriting results and strong investment performance from the continued recovery of the global financial markets.
In fact, gross written premiums for the three months ended March increased 14 per cent to S$1.3 billion.
However, profit from insurance operations fell 45 per cent to S$151.9 million.
Looking ahead, CEO Ng Keng Hooi said one key area of focus for the group will be to strengthen its agency force and further raise productivity levels.
