Great Eastern

Great Eastern: Weak set of 2Q12 results, with profit from insurance operations at $75.9m, -33% yoy and -66% qoq. Net profit at $81.4m, -31% yoy and -69% qoq. Earnings were significantly impacted by weaker investment performance resulting from less favourable market conditions in the qtr. In 2Q12, total weighted new sales for the Group rose 4% yoy to $197.4m. On a half-year basis, total weighted new sales increased by 2% yoy to $372.7m as the sales of single premium endowment products fell across the Group, resulting from the lack of appropriate underlying investments. I n SG, sales growth supported by demand for regular premium products from all channels. In Msia, sales performance was anchored by the continued demand for regular premium investment-linked products as well as single premium credit-related products. Going forward, grp aims to capitalise on its multi-dimensional distribution network comprising agency, bancassurance and financial advisory channels and will continue to intensify efforts across all distribution channels in order to deliver quality growth.