FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern profits crashed by 29% to $1b in FY18

Operating profit growth from Insurance Business countered its decline.

Great Eastern Holdings’ profit attributable to shareholders decreased by 29% in FY18 mainly due to lower valuation of investments as a result of unfavourable financial market conditions in 2018, particularly in 4Q18, the company said in a statement.

Operating profit from Insurance Business continued its good growth momentum, it added, underscoring the strength of their core business fundamentals, achieving 5% growth for 4Q18 and 4% for FY18. This was driven by both the Singapore and Malaysia Insurance Business.

The group’s total weighted new sales for 4Q18 and FY18 dropped 30% and 6% respectively compared to the same period last year. The decrease in 4Q18 as compared to 4Q17 was mainly attributed to a product campaign in 4Q17 which was very well received by the market.

Correspondingly, new business embedded value dropped 7% and 3% respectively in 4Q18 and FY18 compared to same period last year. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.