Life insurance company Great Eastern Holdings on Tuesday reported a 21 percent jump in third-quarter net profit, driven by higher operating and non-operating profit, as well as higher profit from shareholders' fund's investments.
Net profit rose to S$235.5 million in the three months ended September 30 compared to S$195 million in the corresponding period last year.
Operating profit from insurance business rose 22 percent to S$208.6 million in the quarter.
"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 an 8 percent growth in the first nine months of 2017 from higher sales and margins in core markets.
The Capital Adequacy Ratios of the Group's insurance subsidiaries in both Singapore and Malaysia were above their respective minimum regulatory levels, the company said.
Shares of the company rose 0.4 percent S$26.16 on the Singapore Exchange. The stock has gained 29 percent so far this year.