Great Eastern announces financial results

Profits for the year increase even as company reports Q4 declines

Great Eastern announces financial results

Insurance News

By Mary Or

Great Eastern Holdings has reported its financial results for 2021, including a 16% increase in the company’s profit attributable to shareholders at SG$1,113.0 million - up from the previous year’s SG$960.6 million. Great Eastern ascribed this to the “more favourable financial market conditions compared to a year ago” and “higher operating profit” from the insurance business.

Meanwhile, a 33% decline in profit attributable to shareholders for the quarter was a result of a one-off positive tax impact recognised in Q4 2020, Great Eastern reported. It stood at SG$229.8 million compared to SG$341.3 million a year earlier.

Total weighted new sales increased by 28% to SG$1,971.6 million for the year driven by “the strong contribution from all markets,” while total weighted new sales for the quarter registered a 6% decline compared to the final quarter of 2020.

Great Eastern’s new business embedded value for the quarter increased by 9% to SG$262 million, ending the year 21% higher at SG$808 million.

“We delivered a strong set of results for the year,” chief executive officer Khor Hock Seng said. “This achievement is the result of our unyielding commitment to transform our business against a backdrop of uncertainty brought about by unprecedented times. We have done well to strengthen our distribution network, arming our core channels of agency/financial adviser and bancassurance with digital tools to build resiliency into the business.”

“As we look ahead, we will continue to be challenged by the ever-evolving pandemic and geopolitical uncertainties,” Khor said. “The group’s resilient performance underscores the strength of our core business fundamentals and we will further build on these fundamentals to achieve a sustainable business for the long term.”

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!