Great Eastern Life Q3 Profit Falls 72% Amid Divestment Loss
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
Great Eastern posted a net profit of S$102.9 million for its third quarter ended September 30, which is 72 per cent lower than the year-ago period. The decline was primarily driven by the negative impact of financial market movements on investment valuations and a non-recurring loss from the partial divestment of its subsidiary, Great Eastern Life Indonesia, to Oversea-Chinese Banking Corporation.
From businesstimes.com.sg
Why it matters
The profit reduction resulted from investment losses and the disposal of a subsidiary. Despite the reduced net profit, the company stated that its core insurance business remained resilient and continued to grow. The transaction involving the divestment of the subsidiary to Oversea-Chinese Banking Corporation changes ownership in the Indonesian financial sector.
From businesstimes.com.sg
Who's involved
- Great Eastern LifeSingaporean insurer that reported the Q3 profit and managed the divestment of its subsidiary
- Oversea-Chinese Banking CorporationSingapore company that acquired the subsidiary Great Eastern Life Indonesia
- IndonesiaCountry where the subsidiary that was partially divested is located
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- IndonesiaSpeculative
Indonesia may see changes in ownership and control within its financial sector following the divestment
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The entities involved
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Malaysia
country in Southeast Asia