Great Eastern Holdings smokes the competition in Malaysia

Higher premium products sales surged 30%.

According to OCBC, Great Eastern Holding’s (GEH) 4Q12 net profit (S$226m) was strong thanks to the stronger-than-expected momentum of overall profits from insurance operations.

The improved 4Q12 earnings compares against mark-to-market losses last year. Separately, GEH recorded S$8.5m net gain from a revaluation of its liabilities as stipulated under regulations: the availability of longer tenure rates via a longer risk-free yield curve (+S$44.2m) and an adjustment was made to the computation of the long-term risk free rate (-S$35.7m).

Final dividend of 27 Scts was declared, bringing full year dividend to 64 Scts.

Here's more from OCBC:

Gross premiums grew 15% q-o-q and y-o-y. Total weighted new sales improved strongly (+15% y-o-y, +30% q-o-q) on higher regular premium products particularly in Malaysia q-o-q despite competition.

In Malaysia, GEH’s focus was to enhance its value proposition to affluent customers, which we believe bodes well with OCBC’s banking business. New business embedded value (NBEV) rose to S$94.3m (3Q12: S$88.3m) but full year NBEV was lower (S$352m vs S$364m) due to reduced investment return assumptions.

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