Great Eastern announces financial results

Great Eastern announces financial results | Insurance Business Asia

Great Eastern announces financial results

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.”