Great Eastern Holdings has announced that profit attributable to shareholders registered an increase of 34% y-o-y in 1HFY2024 to $587.1 million, driven by higher profit from the insurance business and favourable investment performance in shareholders’ fund.
A closer look shows a higher contract service margin (CSM) and risk adjustment release from the Life business. Total weighted new sales (TWNS) in the first half rose by 34% y-o-y.
Singapore's TWNS was up 38% and Malaysia's was 30% y-o-y in 2QFY2024. New business embedded value (NBEV) rose 16% y-o-y to $338.9 million for the six months to June 30.
Great Eastern's board has announced a dividend of 45 cents, up 12.5% y-o-y.
