SINGAPORE (May 4): Great Eastern Holdings saw its earnings jump 68% to $152.9 million in the 1Q ended March, from restated earnings of $90.8 million a year ago.
The group says this was mainly due to higher operating profit and lower non-operating loss in 1Q18 compared to corresponding quarter last year.
Total Weighted New Sales (TWNS) fell 17% to $231.1 million in 1Q18, as a result of lower Single Premium sales in Singapore.
In 1Q18, gross premiums fell 10% to $2.43 billion.
Correspondingly, New Business Embedded Value (NBEV), a measure of long-term economic profitability, dropped 9% to $100.7 million.
While new sales have declined, operating profit from its insurance business grew 32% to $159.3 million, mainly due to positive performance from the life insurance business.
Meanwhile, non-operating loss shrank to $5.1 million in 1Q18, compared to a loss of $82.1 million a year ago.
As at end March, cash and cash equivalents stood at $3.61 billion.
“We remain focused on our strategic plan to strengthen our distribution capabilities, optimise our bancassurance partnerships and firmly push forward in our digitalisation transformation to better serve our customers,” says Khor Hock Seng, Great Eastern’s group chief executive officer.
“A firm step in this direction is the recent launch of GETGREAT and UPGREAT, our two digital platforms with industry-first features to empower and reward customers and the community to live healthier and better,” he adds.
Shares of Great Eastern closed 69 cents lower, or down 2.2%, at $30.31 on Thursday.
