Great Eastern FY profit up 15% to record S$547m

Great Eastern FY profit up 15% to record S$547m
By Loh Kim Chin, Channel NewsAsia | Posted: 19 February 2008 2032 hrs

SINGAPORE : Insurer Great Eastern Holdings said its full year profit rose 15 percent to a record S$547 million, but its fourth quarter earnings fell 18 percent due to the lack of a one-off gain.

For the three months to December, Great Eastern earned S$145 million.

With the record performance, Great Eastern is giving a one-off special bonus for 2007 to its policy holders. This will apply to premium whole life and endowment policies bought on or before December 31 last year.

In Singapore, the special bonus amounts to some S$287 million.

The combined bonus payout, including the annual bonuses of S$799 million for 2007, will amount to nearly S$1.1 billion for the whole year.

Great Eastern reported an 11 percent rise in gross premiums totalling nearly S$6 billion in 2007. But it took a S$44 million charge on its portfolio of collateralised debt obligations.

Profit from insurance operations jumped 33 percent to S$537 million. - CNA /ls



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