Great Eastern Q1 profit surges nearly 12 times to $437.6m

Uploaded By: 
Paul Howell
Case Study: 
No
Top Classification (Section): 
News
Deep Classification (Category): 
Financial Services
Market: 
Singapore

Its profit rose from $33.9m from the same quarter last year.

Great Eastern Holdings Limited reported its profit attributable to shareholders increased to $437.6m in the first quarter of the year, higher by around 1,19% than the $33.8m recorded last year.

The Group attributed the profit increase to the higher valuation of investments amid more favourable financial market conditions during the quarter, compared to the previous year.

“The Group has started the year well with a good set of first quarter results. Our key operating metrics such as Total Weighted New Sales, New Business Embedded Value and Profit Attributable to Shareholders have registered significant growth,” CEO Khor Hock Seng said.

“Our strong performance is anchored on our multi-channel distribution capabilities, complemented by our digital solutions and services as well as comprehensive suite of products.”

Moreover, the Group reported it registered a “strong growth in its total weighted new sales for the quarter as it increased by 28% year-on-year.

Sales across all markets recorded double-digit growth compared to the same quarter last year; whilst its new business embedded value was 30% higher at $182.2m in the first quarter of the year.

Further, the Capital Adequacy Ratios of the Group’s insurance subsidiaries in both Singapore and Malaysia remain strong and well above their respective minimum regulatory levels.