Great Eastern has reported its financial results for the quarter ended 31 March 2021 (1Q2021), with a strong showing compared to the same period last year.
The group’s profit attributable to shareholders increased to S$437.6m ($327.47m), arising from higher valuation of investments amid more favourable financial market conditions for the quarter compared to a year ago.
The group registered strong total weighted new sales growth for the quarter, reporting an increase of 28% over last year, with sales across all markets recorded double-digit growth compared to the same quarter last year. Correspondingly, new business embedded value was 30% higher at S$182.2m for 1Q2021.
The capital adequacy ratios of the group’s insurance subsidiaries in both Singapore and Malaysia remain strong and well above their respective minimum regulatory levels.
Commenting on the results, Great Eastern group CEO Khor Hock Seng said, “The Group has started the year well with a good set of first quarter results. Our key operating metrics such as total weighted new sales, new business embedded value and profit attributable to shareholders have registered significant growth.”
He attributed the group’s strong showing mainly to its multi-channel distribution capabilities, complemented by its digital solutions and services as well as comprehensive suite of products.
More from Great Eastern:
Singapore: Two million DPS members to receive higher insurance coverage
Gift of empathy: A cancer survivor on a mission - Zoe Yap, Great Eastern Agent of Life
Great Eastern: KEE-ping it in the Family
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