Great Eastern’s 3Q earnings rise to $195 mil on disposal gain

SINGAPORE (Oct 26): Great Eastern Holdings’ 3Q16 earnings nearly tripled to $195 million from $68.4 million a year ago, boosted by a $119.9 million gain on disposal of its investment in New China Life Insurance Company.

Operating profit for 3Q16 rose 6% to $136.7 million compared to $129.5 million a year ago with contribution  from  both  its  Singapore  and  Malaysia  business. Operating profit for 9M16 was 5% lower at $391.7 million as a result of lower contribution from its Singapore business in the first half of the year.

Total Weighted New Sales (TWNS) for 3Q16 remained at $266.9 million. For 9M16, TWNS increased 10% over the same period last year to reach $731.6 million as a result of strong performance by agency and bancassurance in both Singapore and Malaysia.

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