Great Eastern Holdings' profits dropped 21% to S$207.5m

Malaysian sales momentum took a halt.

Great Eastern Holdings Limited reported Group profit attributable to shareholders of S$207.5 million (down 21% yoy) for the quarter ended 31 March 2013, as compared with S$262.5 million a year before.

Its operating profit from insurance business increasing 25% year-on-year to S$131.2 million in Q1-13. Q1-13 performance was also boosted by mark-to-market investment gains as favourable financial markets conditions continued.

Overall Group profit attributable to shareholders was however lower year-on-year, mainly because of the much higher mark-to-market investment gains in Q1-12 during which there was a strong recovery in global financial markets following steep declines the year before.

The Group recorded total weighted new sales of S$205.1 million in Q1-13, an increase of 17% from S$175.3 million a year ago. The performance was underpinned by growth across markets.

In Singapore, total weighted new sales rose 19% year-on-year to S$133.6 million in Q1-13, driven by strong demand for regular premium savings products, particularly through the bancassurance channel.

In Malaysia, there was continued sales momentum in the Group’s conventional business, particularly for regular premium investment-linked products. Efforts to strengthen the takaful distribution network over the past year have also started to bear fruit, as the Group saw growth in sales through the takaful agency force.

Overall, the Group’s operations in Malaysia registered a 9% year-on-year growth in total weighted new sales to S$60.7 million in Q1-13. The quarter also saw increased sales contributions from the Group’s operations in Indonesia, where the strategic collaboration with Bank OCBC NISP continued to deliver healthy growth in sales.

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