Life insurance company Great Eastern Holdings on Tuesday reported a 173 percent surge in second-quarter net profit, driven by strong sales and higher realised gain on sale of investments.
Net profit rose to S$279.5 million in the three months ended June 30 compared to S$102.2 million in the corresponding period last year.
Operating Profit from insurance business rose to S$157.4 million in the quarter from S$131.6 million last year.
"The improvement in operating performance is a result of the significant contribution from our multi-channel distribution by our agents and bancassurance partners," Chief Executive Officer
Mr Khor Hock Seng said in a statement.
New business embedded value (NBEV), a measure of long-term economic profitability, recorded a 20 percent growth in the first half over the year-ago period from higher sales and margins in core markets.
Great Eastern declared an interim tax exempt dividend of 10 cents per share for the financial year ending December 31.
Shares of the company were unchanged at S$24.9 on the Singapore Exchange.