Great Eastern, Singapore`s largest life insurance company informed about its net profit.
Online PR News – 14-May-2016 – Singapore, Singapore – Great Eastern, Singapore`s largest life insurance company informed about its net profit. It rose to S$218.8 million in contradistinction to last year`s S$207.8 million that is equal to 5 per cent rise.
GE Life Insurance Company was founded in 1908 and is based in Singapore. It also features branch offices in many other countries, such as Malaysia, Indonesia Beijing, China and other. The company provides life insurance products and services both in Singapore and internationally, for every age category and in various spheres.
Company`s profit rose to 239.6 million dollars for the quarter (18% comparing last year`s) but due to realized losses from sale of investments, Great Eastern lost S$13.4 million.
Considering net profit for full year, it has fell 11 per cent to S$785.4 million, or S$1.66 per share. It all happened because of unrealized mark-to-market losses from the valuation of the assets and liabilities of its insurance business.
Great Eastern said: "The group's performance may be affected by mark-to-market valuation of its assets and liabilities due to volatility in the financial markets arising from uncertainties over potential further US interest rate hikes, concerns over the slowing down of the global economy,"
According to Khor Hock Seng, group CEO of Great Eastern, company will continue to pursue a disciplined and prudent strategy across key markets in an increasingly uncertain and competitive business environment.
It was declared a final dividend of 40 cents per share plus a special dividend of five cents per share. Including a 10 cent per share interim payout in September, Great Eastern's total dividend for 2015 will be 55 cents per share, in line with the payout for 2014.
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