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Great Eastern's profit down 30%

Posted On: Feb. 22, 2023 9:56 AM CST

Singapore-based insurer Great Eastern Holdings Ltd.'s net profit fell 30% year-on-year to $784.2 million Singaporean ($585.8 million) in 2022 due to volatility in the global financial market, The Straits Times reported citing The Business Times. The insurer's gross premiums were down by 2% to SGD18.6 billion. Great Eastern expects inflationary pressures, a difficult investment climate and geopolitical uncertainty to create a challenging business environment in the year ahead.