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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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Great Eastern's 1H Profit Attributable to Shareholders Up 34%

 

Great Eastern Holdings has reported a 34% year-on-year increase in profit attributable to shareholders, reaching S$587.1 million (RM2.02 billion) for the first half ended June 30, 2024 (1HFY2024). This growth was driven by higher profits from the insurance business and favorable investment performance of the shareholders’ fund.

Key Drivers

  • Insurance Business: The company's life business contributed significantly with higher contract service margins and risk adjustment releases.
  • Investment Performance: A favorable investment environment positively impacted the performance of the shareholders' fund, contributing to the overall profit growth.

Detailed Financial Performance

  • Life Business: The increased contract service margin and risk adjustment release indicate improved operational efficiency and effective risk management within the life insurance segment.

Great Eastern Holdings' robust performance in the first half of 2024 underscores its strategic focus on enhancing profitability through core insurance operations and prudent investment management.

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