Great Eastern Holdings has reported earnings of $273.4 million for the 3QFY2024 ended Sept 30, 52% higher y-o-y. This brings its total earnings for the 9MFY2024 to $860.5 million, 39% higher y-o-y.
According to Great Eastern, the higher earnings for the nine-month period is due to higher profit from the group’s insurance business and favourable investment performances from the group’s shareholders’ funds.
In the 3QFY2024, total weighted new sales fell by 7% y-o-y to $390.8 million while total weighted new sales rose by 19% y-o-y to $1.36 billion in the 9MFY2024 from sustained sales momentum in Singapore and Malaysia.
New business embedded value for the 3QFY2024 rose by 7% y-o-y to $176.9 million while 9MFY2024 new business embedded value increased by 13% y-o-y to $515.8 million.
The capital adequacy ratios of Great Eastern’s subsidiaries were said to remain “strong” and “well above” their minimum regulatory levels.
“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,” says group CEO Greg Hingston while highlighting some of the group’s new initiatives introduced in the third quarter including an investment-linked policy in Singapore.
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Great Eastern’s chairman, Soon Tit Koon expressed his thanks to its previous group CEO Khor Hock Seng, who stepped down on Oct 31.
“We thank him for his strategic leadership, commitment, and contributions over the past nine years and we wish him well in his retirement. We like to extend a warm welcome to Greg who joined us on Nov 1 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.”
Shares in Great Eastern closed at $25.80 on Nov 5.
