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INSURANCE | Staff Reporter, Singapore

Great Eastern profits ballooned 68% to $115.02m in Q1

Thanks to the insurer’s booming business in Singapore.

Great Eastern net profit soared 68% YoY to $115.02m (SG$152.9m) in Q1, according to the company’s financial statement.

Losses from changes in fair value of investments brought about by unfavourable market conditions was offset by significantly higher earnings from the company’s insurance business in Singapore.

“We remain focused on our strategic plan to strengthen our distribution capabilities, optimise our bancassurance partnerships, and firmly push forward in our digitalisation transformation to better serve our customers," said CEO Khor Hock Seng.

Investment income stood at $427.98m (SG$570.4m) amidst higher dividend and interest income whilst fees and other income clocked in at $15.68m (SG$20.9m) in Q1.

Great Eastern also recorded a $31.96m (SG$42.6m) loss on exchange differences amidst foreign exchange losses from US dollar denominated investments.

Management and other expenses correspondingly increased to $99.49m (SG$132.6m) mainly due to higher staff related expenses and consultancy fees.

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