Great Eastern yesterday reported its financial results for first quarter ended 31 March 2025.
The group revealed that new business embedded value (NBEV) grew by 19% to S$148.8m, despite a decline in total weighted new sales (TWNS) attributable mainly to improved sales mix. Profit attributable to shareholders grew by 13% to S$345.5m, driven by steady growth in insurance business, further lifted by favourable investment performance driving growth in shareholders’ fund
It also stated that TWNS declined by 34% against the same period last year, mainly due to lower premium sales following the shift towards regular premium sales.?The capital adequacy ratios of the group’s insurance subsidiaries remain strong and well above their respective minimum regulatory levels.
Commenting on the group’s financial results, group CEO Greg Hingston said:
“We are pleased to report a solid set of results for the first quarter of 2025, underpinned by resilient profit growth and disciplined execution across the group.
Our improved group NBEV reflects a focus on propositions that enhance our product sales mix. In Singapore, we had increased purchases of protection, legacy propositions, and Regular Premium Investment-Linked plans as we moved away from short-term single premium endowment plans. In Malaysia, our performance remained resilient with greater contribution from legacy and wealth accumulation solutions.
Additionally, serving affluent customers in Singapore with more tailored solutions has contributed to our performance. Positive responses to our US dollar-denominated single premium indexed universal life plan and the new US dollar-denominated single premium endowment plan with index-linked returns demonstrate alignment with customer needs.
Looking ahead, the business climate will be challenging in the near to mid-term reflecting the increasing volatility in the global landscape, including new trade measures and ongoing geopolitical tensions. Our focus remains on strengthening our business and distribution model, supported by data driven targeted propositions to meet the needs of our customers.”