Great Eastern's net profit skyrockets 182% to $197.7m in Q3

On the back of stronger earnings in life insurance segment.

Third quarter turned out greatly for Great Eastern Holdings as it recorded almost thrice of its last year's profit of $70m.

The group said it has earned $197.7 million in the quarter ending in September 30, up 182% from the same period last year.

This came from a huge jump in its life insurance earnings, which gained a 164% increase to $164m from $62.2 recorded last year.

Overall insurance business saw an uptick to $171.1m, on the back of higher contribution from Investment-linked Fund in its Malaysia business.

The group have done this with only a slight increase in expenses to $31.5m.

The group's Chief Executive Office Khor Hock Seng said this is a feat, given the challenging environment.

"Our disciplined execution of our strategies has enabled us to build, grow and maintain the sales momentum in the first three quarters," he said.

Looking forward, Khor said Great Eastern's focus is to leverage its comprehensive suite of products and its strong distribution capabilities as it expects the market to remain volatile.

"Our strong capital position and fundamentals, coupled with the resilience of our business model, will enable us to seize opportunities for further growth as we continue to create sustainable long term value for our shareholders,” he noted.