Great Eastern reports Q2 net profit of $244.6 million
Published on Jul 31, 2014 4:05 PM
SINGAPORE - GREAT Eastern Holdings said its second-quarter net profit grew to $244.6 million, due to significantly higher unrealised mark-to-market gains in the insurance business.
The insurer said on July 31 that this was "brought about by more favourable financial market conditions".
Operating profit from the insurance business slipped 8 per cent to $142.9 million for the three months to June 30, compared with a year ago, where the quarter was boosted by a larger release of tax provisions.
Excluding this release, operating profit for the quarter was higher than a year ago, due to the insurer's growing in-force business, a better product sales mix and lower claims.
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