SINGAPORE (Oct 26): Great Eastern Holdings’ 3Q16 earnings nearly tripled to $195 million from $68.4 million a year ago, boosted by a $119.9 million gain on disposal of its investment in New China Life Insurance Company.

Operating profit for 3Q16 rose 6% to $136.7 million compared to $129.5 million a year ago with contribution  from  both  its  Singapore  and  Malaysia  business. Operating profit for 9M16 was 5% lower at $391.7 million as a result of lower contribution from its Singapore business in the first half of the year.

Total Weighted New Sales (TWNS) for 3Q16 remained at $266.9 million. For 9M16, TWNS increased 10% over the same period last year to reach $731.6 million as a result of strong performance by agency and bancassurance in both Singapore and Malaysia.

New Business Embedded Value (NBEV), a measure of long-term economic profitability, was $135.3 million for 3Q16, 29% higher than last year. NBEV for 9M16 was 18% higher, contributed by higher sales and NBEV margin.

Profit from investments from shareholders’ funds for 3Q16 more than doubled  to $43.5 million compared with $19.2 million for the same quarter last year.

Non-operating profit also swung to $17.5 million from a loss of $78.7 million.

Group CEO Khor Hock Seng says, “Given the current macroeconomic environment, we expect markets to remain volatile. Our strong capital position and fundamentals, coupled with the resilience of our business model, will enable us to seize opportunities for further growth as we continue to create sustainable long term value for our shareholders. We are confident of the Group’s growth prospects in the markets that we operate in.”

Shares of Great Eastern closed 9 cents lower at $20.33 on Tuesday.