Great Eastern's Q2 net profit falls 77% to $18.6 mil

Great Eastern Holdings said net profit for the second quarter ended June 30, 2013 fell 77% to $18.6 million from $81.4 million a year ago due to mark-to-market loss in its fixed income investments.

However, the insurance group said underwriting performances across its life assurance funds remained healthy.

Great Eastern said the potential tapering of the US quantitative easing programme towards the end of the quarter resulted in a significant unrealised mark-to-market loss in the Singapore Non-participating Fund.