Great Eastern Holdings Limited has reported a significant rise in profit for the first nine months of 2024, driven by improvements in insurance profitability and stronger investment performance.
For the nine-month period ending Sept. 30, 2024, Great Eastern’s profit attributable to shareholders increased by 39% to SGD 860.5 million, compared to the same period last year. This growth was largely attributed to favourable outcomes from both the company’s core insurance business and investments from shareholder funds.
In addition to profit gains, Great Eastern recorded a 19% year-on-year increase in total weighted new sales (TWNS), reaching SGD 1.36 billion, while its new business embedded value (NBEV) grew 13% to SGD 515.8 million, indicating strengthened long-term profitability from new policies.
While third-quarter performance showed a slight decline in TWNS, which fell by 7% year-over-year to SGD 390.8 million, NBEV for the same period increased by 7% to SGD 176.9 million, offsetting the sales drop.
The company said that sales momentum remained robust across its key markets in Singapore and Malaysia, with new business growth and steady capital ratios across its insurance subsidiaries.
Group CEO Greg Hingston said that the company’s growth reflects its strategic focus and effective execution in its core markets.
“The group’s sustained growth is a testament to the focused execution of its business strategies and disciplined approach in the management of the business,” he said.
Hingston highlighted the launch of new solutions designed to address evolving customer needs in wealth and legacy planning.
In Singapore, the company introduced Great Wealth Advantage 4, a premium-bonus investment-linked plan (ILP) tailored to support long-term savings goals, alongside Prestige Legacy Index, an index-linked universal life plan aimed at affluent clients’ legacy planning.
Great Eastern also commemorated its 116th anniversary this year with a new initiative, the Great Legacy program. This initiative offers support for legacy planning through complimentary certification clinics, aiding customers in Singapore who need help completing Lasting Power of Attorney and Advance Medical Directive applications.
The company also marked a key leadership change, with former CEO Khor Hock Seng retiring on Oct. 31 after nine years at the helm.
Chairman Soon Tit Koon thanked Khor for his contributions and extended a welcome to Hingston, who assumed the CEO role on Nov. 1.
“On behalf of the board of directors, I would like to express our gratitude to Mr Khor Hock Seng, who stepped down as group CEO on 31 October. We thank him for his strategic leadership, commitment, and contributions over the past nine years, and we wish him well in his retirement,” he said.
He expressed confidence that Hingston’s leadership would continue to drive the company’s strong position in its core markets and foster further growth within Asia.
“We like to extend a warm welcome to Greg who joined us on 1 November and are confident that with him at the helm, the Great Eastern Group will continue to maintain its leadership positions in Singapore and Malaysia, and further expand its insurance franchise in the region,” he said.
