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Insurance firm Great Eastern's Q3 profit falls on market movements, divestment loss

By Reuters News


Overview

  • Singapore insurer's Q3 net profit fell 72% yr/yr, impacted by financial market movements and divestment loss

  • Total weighted new sales for Q3 declined 3% yr/yr

  • New business embedded value for Q3 rose 14% yr/yr


Outlook

  • Company expects core insurance business to remain resilient and positioned for growth

  • Company says financial market volatility may impact short-term results but fundamentals remain strong

  • Company says insurance subsidiaries' capital adequacy ratios remain above regulatory minimums


Result Drivers

  • MARKET MOVEMENTS AND DIVESTMENT LOSS - Co said lower Q3 net profit was mainly due to negative financial market movements and a one-off divestment loss

  • SALES MODERATION - Total weighted new sales fell 3% yr/yr, reflecting softer demand


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

S$102.90 mln


Reuters Recommended Reads

  • Oct 29 - Insurer AIA Group's third-quarter new business value falls 5%

  • Oct 30 - France's Scor Q3 net income falls as catastrophe losses rise

  • Oct 30 - Austria's Erste Group 9M net profit rises 21% on loan growth, Poland contribution


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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