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

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

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(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.)