by Lorna Tan, Senior Correspondent

THE decision to redeem a faltering investment product helped send net profit at Great Eastern Holdings down 75 per cent, to $33.6 million, for the third quarter.

The $213.3 million the insurer lost as a result of compensating investors holding its GreatLink Choice (GLC) policies gave the bottom line a hefty blow - although not as big as expected - for the three months to Sept 30.

Numbers were better for the nine months with a net profit of $368.3 million, up 88 per cent on the same period last year.

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