Great Eastern’s profits fall 90%

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The net profit of Great Eastern Holdings has taken a 90% year-on-year tumble for the first quarter of 2020, according to the company’s financial results statement.

The insurer, which is the insurance arm of OCBC Bank, reported net earnings of SG$33.9 million for the first quarter of 2020, down from SG$342.7 million during the same period last year. Its operating profit more than doubled, from SG$148.7 million to SG$298.6 million, however, this was negated by investment losses due to unfavourable financial market conditions arising from the global COVID-19 outbreak,

Total weighted new sales grew by 21% to SG$298.8 million, while

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