The group’s earnings for the FY2020, however, fell 4% to $960.6 million from earnings of $1.00 billion for the FY2019. Great Eastern’s management attributes the overall lower earnings for the year to the lower valuation of its investments due to a less favourable financial market condition for the year, particular in 1QFY2020 compared to the same period a year ago.
Great Eastern Holdings, a member of the OCBC Group, posted earnings of $341.3 million for the 4QFY2020 ended December, 19% higher than earnings of $287.0 million for the period a year ago.
The higher earnings for the quarter was buoyed by the higher total weighted new sales (TWNS) and one-off positive tax impact arising from the finalisation of prior years’ tax assessment.
