FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern's net profit jumps 21% to $390.5m in H1

The operating value from its insurance business rose 12% YoY to $312.3m.

Great Eastern’s net profit for H1 increased 21% YoY to $390.5m as its total weighted new sales (TWNS) grew 4% YoY to 557.8m, an announcement revealed. Its operating value from insurance business rose 12% YoY to $312.3m.

For Q2, its net profit inched up 3% YoY to $237.6m whilst its TWNS ballooned 28% YoY to $326.7m. Meanwhile, operating value from insurance business slipped 3% to $153m from $158.1m.

The firm also noted that its capital adequacy ratios for its insurance subsidiaries in both Singapore and Malaysia remain strong and well above their respective minimum regulatory levels.

In addition, Great Eastern’s board of directors announced an interim one-tier tax exempt dividend of $0.10 per ordinary share for the financial year ending 31 December 2018, to be paid on 31 August.

“Our priority remains on delivering the right solutions to meet the needs of our customers, leveraging on our comprehensive suite of products and strong distribution capabilities, whilst continuing to push forward our digitalisation transformation to better serve our customers and distribution channels,” Great Eastern group CEO Khor Hock Seng said.

The firm recently launched wellness platform GETGREAT and lifestyle rewards platform UPGREAT. Garnering more than 1.5 million interactions, the platforms will be enhanced with more features in the coming months.


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