Yahoo Finance Great Eastern reports 26% higher profit of $306.7 mil for 1QFY2024
Total weighted new sales rose by 34% y-o-y to $524.2 million for the quarter.
Great Eastern Holdings has reported earnings of $306.7 million for the 1QFY2024 ended March 31, 26% higher y-o-y, due to higher profit from the group’s insurance business. The better performance was also attributed to the favourable investment performance in its shareholders fund.
Total weighted new sales rose by 34% y-o-y to $524.2 million as the group’s operations in Singapore, Malaysia and Indonesia improved. According to Great Eastern, the continued growth momentum was driven by the group’s core distribution channels across the markets.
New business embedded value grew by 21% y-o-y to $163.2 million on the back of strong sales.
While no numbers were given, the group said its capital adequacy ratios of its insurance subsidiaries are “strong” and “well above” their respective minimum regulatory levels.
During the month, the group published its sustainability report for the FY2023 and issued $500 million subordinated notes under its Euro medium term note programme priced at 3.928% per annum (p.a.).
“For the first quarter, the group registered strong growth momentum despite the challenging business environment, underscoring the effectiveness of our distribution, product, and digital strategies,” says group CEO Khor Hock Seng, adding that the group will “continue to take firm steps” to grow its business and “create sustainable value” for its stakeholders.
Shares in Great Eastern closed at $18.69 on April 26.
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