Great Eastern posts Q3 financial results

Great Eastern Holdings Limited has disclosed its financial performance for the nine-month period concluding on Sept. 30, 2023.

The group witnessed a 5% rise in TWNS for 3Q-23 compared to the corresponding period the previous year. This surge was primarily driven by enhanced sales in Singapore resulting from recent product launches. However, 9M-23 experienced a 21% decline in TWNS against the same period last year due to reduced single premium sales, consequently leading to a 9% decrease in NBEV for the same period.

Following the application of SFRS (I) 17 Insurance Contracts from Jan. 1, 2023, the comparative figures for 3Q-22 and 9M-22 have been restated accordingly. The profit attributable to shareholders for 9M-23 exhibited a substantial 65% surge, primarily propelled by amplified profits in the Singapore Life business and favourable investment performance in the shareholders’ fund. However, this success was slightly offset by higher-than-anticipated medical claims in Singapore and Malaysia, affecting the underlying insurance business.

The group also offered reassurances about the strength and resilience of its insurance subsidiaries in Singapore and Malaysia, with capital adequacy ratios comfortably exceeding their respective minimum regulatory levels. Importantly, the implementation of SFRS (I) 17 has no bearing on the capital adequacy ratios of the Group and its subsidiaries.

Great Eastern Group CEO Khor Hock Seng said that the company will continue efforts to deliver sustainable value to stakeholders.

“We remain positive on the long-term outlook of our business even as we navigate the present inflationary and interest rate challenges,” he said.

In other recent developments, the Singapore insurer announced that its Malaysia subsidiaries have officially entered into an implementation agreement with AMAB Holdings to acquire two of its insurance businesses in the country.

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