, Singapore

Great Eastern’s profit attributable to shareholders dips 12% to $780.9m in 9M22

The decline was due to lower valiant of investment in the shareholder’s fund.

Great Eastern’s profit attributable to shareholders for the first nine months of the financial year 2022 (9M22) fell 12% to $780.9m, compared to the same period last year.

In a report, the finance and insurance company said the dip in its attributable profit was due to the “lower valuation of investments in the shareholders' fund, given the challenging global investment climate.”

The lower valuation, however, was balanced by stronger profit from the company's insurance business in 9M22.

Great Eastern's new business embedded value (NBEV) jumped 4% YoY in 9M22, reaching $595.3m, despite a softer sales performance. In 9M22, the total weighted new sales of the company declined by 1%.

“The business climate will be challenging in the near to mid-term, reflecting geopolitical uncertainty, a difficult investment climate and inflationary pressures. Our focus remains on strengthening our business and distribution model, supported by data-driven targeted propositions to meet the needs of our customers,” Group CEO, Khor Hock Seng, said.

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