Great Eastern 3Q18 profit attributable to shareholders down 26 percent

Great Eastern building at Changi in Singapore; taken August 2018.Great Eastern building at Changi in Singapore; taken August 2018.

Great Eastern reported on Monday that its third-quarter net profit attributable to shareholders fell 26 percent on-year to S$213.3 million due to favorable market conditions in the year-ago period.

Total weighted new sales for the quarter ended 30 September rose 14 percent on-year to S$347.1 million on higher sales in all markets, Great Eastern said in a filing to SGX on Monday.

“In Singapore, growth was fueled by strong sales from the agency channel while in Malaysia and Indonesia, all distribution channels continued to drive growth in the markets,” it said in the statement.

Operating profit from the insurance business fell 11 percent on-year in the quarter to S$141.4 million on the release of reserves from re-positioning the the maturity profile of assets and liabilities last year, it said.

The new business embedded value, or the measure of the long-term profitability of new sales, fell 3 percent on-year to S$120.8 million, it said.

Gross premiums rose 14 percent on-year in the quarter to S$3.54 billion on higher single-premium sales in Singapore, it said.

For the nine-month period, group profit attributable to shareholders fell 1 percent on-year to S$603.8 million, while total weighted new sales rose 7 percent on-year to S$904.9 million, Great Eastern said.

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