Great Eastern reports 68% fall in 4Q18 earnings to S$136.8m on market volatility

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SINGAPORE (Feb 20): Great Eastern Holdings reported a 68% fall in 4Q18 earnings to S$136.8 million from S$426.8 million a year ago, mainly due to lower non-operating profit from insurance business. FY18 earnings came in at S$740.7 million, 29% lower from a year ago.

“2018 was a challenging year,” says Group CEO Khor Hock Seng, “Interest rate hikes, coupled with trade & geopolitical tensions have resulted in volatile capital and financial markets which have impacted our Group Profit Attributable to Shareholders. However, our Operating Profit from Insurance Business remained resilient, achieving a year-on-year growth of 4% for the full year.”

As at 3.22pm, the counter was down... (Click here to read the full story)