Insurance firm Great Eastern Holdings (GELA.SI) posted on Wednesday a 58% rise in second quarter net profit due to improvements in its underwriting and investment performance.
Great Eastern, which is about 87 percent held by Oversea-Chinese Banking Corp (OCBC.SI), earned $117.7 million in the quarter ended June, up from $74.4 million a year ago.
The insurance company said long-term profitability of new sales, as measured by new business embedded value, grew 23% year-on-year in the second quarter.
Insurance accounted for 19% of OCBC’s profit before tax in the first three months of 2011.
Wednesday, August 3, 2011
Great Eastern Q2 net profit jumps 58%
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