Great Eastern's profits crashed 54% to $282.8m

But operating profit from insurance business improved.

According to a release, Great Eastern's Q3-13 Group profit attributable to shareholders of S$282.8 million was 54% lower year-on-year, as there was a one-off post-tax gain of S$421.6 million from the sale of shareholdings in Asia Pacific Breweries Limited and Fraser and Neave, Limited in Q3-12.

Excluding this one-off gain, Group profit attributable to shareholders for the quarter would be 43% higher year-on-year on better profit from insurance business.

In 9M-13, Group profit attributable to shareholders was S$508.9 million, a decline of 47% year-on-year. Even after excluding the one-off gain, Group profit attributable to shareholders in 9M-13 was still 6% lower year-on-year as a result of the significant nonoperating loss in Q2-13 amid exceptional market conditions.

Meanwhile, the Group recorded operating profit from insurance business of S$138.6 million, a 26% increase over the corresponding quarter the year before.

The improved performance was built on better underwriting performance and higher net investment income across all insurance funds. In Singapore, the Non-participating Fund benefited from the emerging profitability of its in-force business while the Participating Fund posted strong year-on-year growth as the number of maturing policies peaked during the quarter.

In Malaysia, the sustained business growth also led to higher operating profit from the Investment-linked Fund. In 9M-13, operating profit from insurance business rose by 28% against last year to S$424.3 million.