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The Straits Times
Singapore s life insurance industry sees new sales surge 29% in Q1 to $1.25 billion
New policies bought online grew to 88,565 in the first quarter of 2021 compared with just 4,662 the year before.PHOTO: ST FILE
Michelle Zhu
https://str.sg/JtCw
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SINGAPORE (THE BUSINESS TIMES) - Great Eastern Holdings on Tuesday (Feb 23) reported a 19 per cent increase in net profit to $341.3 million for the fourth quarter ended Dec 31, 2020, from $287 million a year ago.
The increase was mainly due to a one-off positive tax impact arising from the finalisation of prior years tax assessments, said the insurance arm of OCBC in its results filing.
Operating profit for Q4 fell 56 per cent year on year to $76.5 million for Q4 from $173.2 million, due to provision for higher expected future insurance claims.
Non-operating profit slipped 25 per cent to $47.6 million from $63.7 million in the corresponding year despite partial recovery from mark-to-market losses from unfavourable market conditions in Q1 of 2020.