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Great Eastern posts record profit of $1.19 billion for last financial year

Published on Feb 8, 2013 11:57 AM
 
Pedestrians walk past a Great Eastern Holdings Ltd branch office in downtown Singapore on May 3, 2008. Insurer Great Eastern Holdings posted a net profit of $1.19 billion in 2012, on the back of a growing insurance business, favourable market conditions and a one time divestment gain. -- PHOTO: BLOOMBERG

Insurer Great Eastern Holdings posted a full year net profit of $1.19 billion this morning, on the back of a growing insurance business, favourable market conditions and a one time divestment gain.

Excluding the profit of $421.6 million from the sale of Great Eastern's stake in Asia Pacific Breweries and Fraser and Neave, net profit was still a record $767.5 million, nearly double from a year ago.

For the quarter ended Dec 31, net profit was also up 227 per cent from a year ago to $225.6 million as positive market sentiment led to huge mark to market gains.

New sales in the fourth quarter was also up 15 per cent to $262.3 million as the company's product offerings tailored for specific customer segments such as the high net worth individuals were well received.

 
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