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Kamis, 04 Agustus 2011

Great Eastern H1 Profit Soars 58% to S$117.7 Million - The Indonesia Today

Insurance giant Great Eastern booked net profit of S$117.7 million in the second quarter of 2011, soared 58% from the corresponding period last year.

The second quarter profit, however, is substantially lower than the first quarter of 2011 at S$158.7 million. As a result, the first half profit of S$176.4 million grew only 9% from the corresponding period last year.

The first half weighted new sales rose 23% to S$363.6 million, where Singapore contributed S$214.6 million, while Malaysia at S$127.5 million. Singapore market grew substantially from S$154.7 million in the first half of 2010, while Malaysian market was somewhat flat.

Emerging markets, Indonesia and Vietnam, contributed S$21.5 million, increased substantially from S$16.8 million in H1/10. Great Eastern is building bancassurance partnership with Bank OCBC-NISP in Indonesia.

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