Key reason is no one-off gain like in previous year from APB, F&N saleTHE absence of a one-off gain similar to the one recorded last year sent earnings down sharply for insurer Great Eastern Holdings in the third quarter.迷你倉Net profit came in at $282.8 million for the three months to Sept 30, down 54 per cent for the same period a year earlier, while gross premiums for the quarter gained 32 per cent to $2.2 billion.Last year, the firm racked up a windfall of $421.6 million, which came from the sale of its stakes in Asia Pacific Breweries and Fraser & Neave.If the effects of this one-off gain are excluded, this year's net profit would have been 43 per cent higher than a year ago, thanks to better profits from the insurance business.Operating profit from the insurance business was $138.6 million in the quarter, up 26 per cent from a year ago.The improved numbers were due to the better underwriting performance of its life assurance funds and higher net investment income across all funds.Total weighted new sales grew 38 per cent to $274.7 million, thanks to sustained momentum across all distribution channels in Singapore, and better returns in its conventional and takaful businesses in Malaysia.Channels such as bancassurance (partnerships with banks), for example, saw an "extraordinary year" in Singapore."Bancassurance wmini storagell continue to be a strong channel, and in terms of the agency (channel), it's also very strong. Products sold are different - they tend to be more protection-type products as opposed to those with a savings element," said chief executive Chris Wei.Earnings per share was 60 cents for the quarter, down from $1.31 a year ago, while net asset value per share was $10.32, as of Sept 30, up from $10.13, as of Dec 31 last year.Mr Wei said recent recommendations from the Financial Advisory Industry Review, such as having a website that outlines policies from a range of firms, would have little impact on operations.Mr Wei added: "We're spared a bit of uncertainty, given that the (United States) debt crisis has been delayed till the next year. It doesn't look like there is immediate intent for the Fed to accelerate or pull back on the QE (quantitative easing) monetary stimulus."The firm has rebalanced its portfolio as part of risk management efforts to prepare for higher interest rates, but that is unlikely to happen next year, said Mr Wei."Now, we would welcome rates moving up again. Over the long term, it's good for our business to have better yield in fixed-income products," he added.The results were announced before markets opened yesterday.Great Eastern shares closed at $17.70, up 21 cents, yesterday.rachaelb@sph.com.sg迷你倉
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