News Life and Health08 Nov 2024

Singapore:Great Eastern's net profits leap by 39% to over US$645m in first 9 months

| 08 Nov 2024

Great Eastern Holdings (the Group) has reported that profits attributable to shareholders climbed by 39% to S$860.5m ($645.4m) for the nine months ended 30 September 2024 (9M-24).

This net financial result was due to higher profit from insurance business and favourable investment performance from shareholders’ funds.

Other 9M-24 highlights are:

  • Total Weighted New Sales grew by 19% to S$1,363.3m, reflecting sustained sales momentum in Singapore and Malaysia.

This reflected sustained sales momentum in Singapore and Malaysia.

  • New Business Embedded Value grew by 13% to S$515.8m.

  • The Capital Adequacy Ratios of the Group’s insurance subsidiaries remain strong and well above their respective minimum regulatory levels.

S$ m

3Q-24

3Q-23

Change%

9M-24

9M-23

Change%

Total Weighted New Sales

390.8

419.4

-7

1,363.3

1,145.3

+19

New Business Embedded Value

176.9

165.1

+7

515.8

456.8

+13

 

 

 

 

 

 

 

Profit Attributable to Shareholders

273.4

180.2

+52

860.5

617.4

+39

 

Mr Greg Hingston joined the Group as group CEO on 1 November. He replaces Mr Khor Hock Seng who retired from the position on 31 October.

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