Great Eastern has announced that its net profit for the first quarter dropped 24 percent to S$179.1 million, compared to the same quarter last year.
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The insurance firm’s Q1 results was attributed to a higher base in Q1 net profit last year coming from a one-time gain profit contribution of S$195.5 million.
Excluding the one-time gain, the company’s net profit increased three-fold due to improved underwriting results, as well as strong investment performance from continued recovery of the global financial markets.
The firm’s gross written premiums for the first quarter rose by 14 percent to S$1.3 billion. However, insurance operations profit dropped 45 percent to S$151.9 million.
Looking forward, Great Eastern CEO Ng Keng Hooi said it will focus more on strengthening its agency force and further raise the company’s productivity levels.