Great Eastern's net profit jumped 14% to $277.7m in Q2

Thanks to a $120m one-off gain.

Despite lower sales, Great Eastern's net profit grew 14% year-on-year to $277.7m on back of a massive one-off gain.

The group booked a $119.9m gain from the sale of part of its stake in New China Life.

“Q2-15 was a relatively slow quarter for Great Eastern, particularly in the Singapore market where the launch of single premium Participating products was curtailed in view of anticipated rise in interest rates. Declines in the equity markets and the widening of swap spreads also led to unrealised mark-to-market losses in our portfolio this reporting quarter which resulted in a lower non-operating profit from the insurance business for 6M-15,” said Norman Ip, Director and Acting Group CEO of Great Eastern.