not vested
Great Eastern (GE SP) capped off a record year with a strong showing in 4Q14.
For the quarter, net profit registered a 25% growth yoy to SGD207.8m, driven by growth in operating profit from its insurance business as well as unrealised marked-to-market gains.
GE’s full year net profit rose 30% to a record SGD879m, and it declared a SGD0.40 final dividend and a SGD0.05 special dividend.
Core profit from the insurance business grew 6% to 591m, primarily driven by better performance from its investment-linked fund in Malaysia. The group generated SGD394m in new business embedded value (EV), while EV rose to a record SGD10.4bn, or SGD22.05/share (+13% yoy).
In the last six years, GE’s EV has compounded at an impressive 10% CAGR.
We continue to like GE for its dominant insurance franchise in Singapore and Malaysia. With the acquisition of Wing Hang by parent OCBC, GE is poised
to make further inroads into the Greater China market. Despite the recent re-rating, valuation for the stock remains undemanding at 1.1x P/EV.
Since last year, GE has began to separate out its investment income performance from its under-writing business, and with this, investors are now able to peg a more appropriate multiple for the stable and long-tail insurance business.
We maintain our BUY rating on the counter and raised our TP to SGD28.65, pegged to 1.3x P/EV multiple. Previous attempts by OCBC to privatize
GE values the well-capitalized insurer at 1.3-1.5x P/EV.
Source: DMG
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Great Eastern
Re: Great Eastern
by winston » Fri Feb 06, 2015 4:07 pm
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Great Eastern
by winston » Fri Feb 06, 2015 5:42 pm
not vested
Great Eastern’s ($24.16, down 4 cents) operating profit from its insurance business for 4Q’14 and FY’14 was S$156mln and S$591mln respectively, 15% and 6% higher yoy, underpinned by a growing in-force business, particularly from the investment-linked fund in Malaysia.
In Singapore, the agency channel continued to deliver stable performance in 4Q’14.
The bancassurance channel saw a recovery in sales from earlier quarters, though overall sales for 4Q’14 was still lower yoy.
For 4Q’14, the group recorded nonoperating profit growth of 73% to S$25.5mln reflecting higher unrealised mark-to-market gains.
For FY’14, non-operating profit was S$145.2 million, reversing from last year’s loss of $10mln.
Net profit for 4Q’14 and FY’14 rose 25% and 30% yoy to S$208mln and S$879mln respectively, reflecting higher unrealised mark-to- market gains from favourable financial market conditions and growth in operating profit from the insurance business.
The capital adequacy ratios of the group’s insurance subsidiaries in both Singapore and Malaysia remained well above the minimum regulatory ratios of
120% and 130% respectively, reflecting the strong capital position of the Group.
The Group’s Embedded Value, an estimate of the long-term economic value of a life insurance company for the existing blocks of business, rose significantly by 13% to S$10.4 bln in FY’14, driven by an increase in the value of adjusted shareholders’ fund from strong investment performance as well as growth in the value of the in-force business.
Final dividend was raised from 27 cents last year to 40 cents this year but last year’s special dividend of 27 cents was reduced to 5 cents this year.
Including the interim dividend of 10 cents, full year payout of 55 cents (down from 64 cents last year) translates to a dividend yield of 2.28% (at $24.16).
The dividend yield is probably decent enough for shareholders to HOLD on for another privatization attempt by OCBC (owns 87.17% of the company), given their failed attempt (2x) in the past 10 years. (Trailing PE is 13x while price to book is 2x).
Source: Lim & Tan
Great Eastern’s ($24.16, down 4 cents) operating profit from its insurance business for 4Q’14 and FY’14 was S$156mln and S$591mln respectively, 15% and 6% higher yoy, underpinned by a growing in-force business, particularly from the investment-linked fund in Malaysia.
In Singapore, the agency channel continued to deliver stable performance in 4Q’14.
The bancassurance channel saw a recovery in sales from earlier quarters, though overall sales for 4Q’14 was still lower yoy.
For 4Q’14, the group recorded nonoperating profit growth of 73% to S$25.5mln reflecting higher unrealised mark-to-market gains.
For FY’14, non-operating profit was S$145.2 million, reversing from last year’s loss of $10mln.
Net profit for 4Q’14 and FY’14 rose 25% and 30% yoy to S$208mln and S$879mln respectively, reflecting higher unrealised mark-to- market gains from favourable financial market conditions and growth in operating profit from the insurance business.
The capital adequacy ratios of the group’s insurance subsidiaries in both Singapore and Malaysia remained well above the minimum regulatory ratios of
120% and 130% respectively, reflecting the strong capital position of the Group.
The Group’s Embedded Value, an estimate of the long-term economic value of a life insurance company for the existing blocks of business, rose significantly by 13% to S$10.4 bln in FY’14, driven by an increase in the value of adjusted shareholders’ fund from strong investment performance as well as growth in the value of the in-force business.
Final dividend was raised from 27 cents last year to 40 cents this year but last year’s special dividend of 27 cents was reduced to 5 cents this year.
Including the interim dividend of 10 cents, full year payout of 55 cents (down from 64 cents last year) translates to a dividend yield of 2.28% (at $24.16).
The dividend yield is probably decent enough for shareholders to HOLD on for another privatization attempt by OCBC (owns 87.17% of the company), given their failed attempt (2x) in the past 10 years. (Trailing PE is 13x while price to book is 2x).
Source: Lim & Tan
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Re: Great Eastern
by winston » Mon Apr 06, 2015 12:54 pm
not vested
Great Eastern Holdings (GE) – OCBC’s acquisition of Wing Hang probably delayed the timetable for any potential privatisation move on its 87%-owned life insurance arm.
Recall that OCBC had made two previous attempts to privatise GEH, the first attempt in 2004 and the second in 2006.
GE has since grow its life insurance franchise in Singapore and Malaysia steadily, maintaining its market leadership in these two countries.
In the last six years, embedded value compounded at 10% p.a.
Despite a re-rating in the stock price, valuation for the stock remains undemanding at 1.1x P/EV.
We have a TP of SGD28.65 based on a P/EV of 1.3x, suggesting an upside of 15%.
Source: RHB
Great Eastern Holdings (GE) – OCBC’s acquisition of Wing Hang probably delayed the timetable for any potential privatisation move on its 87%-owned life insurance arm.
Recall that OCBC had made two previous attempts to privatise GEH, the first attempt in 2004 and the second in 2006.
GE has since grow its life insurance franchise in Singapore and Malaysia steadily, maintaining its market leadership in these two countries.
In the last six years, embedded value compounded at 10% p.a.
Despite a re-rating in the stock price, valuation for the stock remains undemanding at 1.1x P/EV.
We have a TP of SGD28.65 based on a P/EV of 1.3x, suggesting an upside of 15%.
Source: RHB
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Re: Great Eastern
by winston » Tue Feb 16, 2016 8:56 am
not vested
Great Eastern Holdings (GE SP): Posts 5% rise in Q4 profit, keeps dividend payout
Great Eastern Holdings' net profit for the fourth quarter ended Dec 31, 2015, increased 5 per cent to S$218.8 million, or 46 Singapore cents per share, as profits from the insurance business offset a loss from shareholders' fund's investments.
The insurer is declaring a final dividend of 40 Singapore cents per share plus a special dividend of five Singapore cents per share.
Including a 10 cent per share interim payout in September, Great Eastern's total dividend for 2015 will be 55 Singapore cents per share. That is equal to the amount paid out in 2014.
For the full year, net profit fell 11 per cent to S$785.4 million, or S$1.66 per share.
Source: KGI
Great Eastern Holdings (GE SP): Posts 5% rise in Q4 profit, keeps dividend payout
Great Eastern Holdings' net profit for the fourth quarter ended Dec 31, 2015, increased 5 per cent to S$218.8 million, or 46 Singapore cents per share, as profits from the insurance business offset a loss from shareholders' fund's investments.
The insurer is declaring a final dividend of 40 Singapore cents per share plus a special dividend of five Singapore cents per share.
Including a 10 cent per share interim payout in September, Great Eastern's total dividend for 2015 will be 55 Singapore cents per share. That is equal to the amount paid out in 2014.
For the full year, net profit fell 11 per cent to S$785.4 million, or S$1.66 per share.
Source: KGI
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Re: Great Eastern
by winston » Tue Feb 16, 2016 9:17 am
Great Eastern’s FY15 total weighted new sales (TWNS) grew 7.7% YoY to S$975.2m, while new business embedded value (NBEV) increased 2.7% YoY to S$385.2m.
PATMI decreased 10.6% YoY to S$785.4m.
Source: OCBC
PATMI decreased 10.6% YoY to S$785.4m.
Source: OCBC
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Re: Great Eastern
by winston » Tue Feb 14, 2017 8:59 am
not vested
Great Eastern’s FY16 earnings down 25% to $589.3 mil
By Michelle Zhu
SINGAPORE (Feb 13): Great Eastern Holdings has declared an 11% decline in 4Q16 earnings to $195.2 million, mainly due to lower operating and non-operating profit brought about by unrealised fair value losses from the valuation of assets and liabilities.
This brings the group’s earnings for FY16 to a total of $589.3 million, down 25% from $785.4 million a year ago. Additionally, its FY16 earnings were affected by a one-off loss of $18.7 million from disposal of its wholly-owned subsidiary, Great Eastern Life (Vietnam) Company.
Operating profit fell on a quarterly basis by 33% to $112.5 million while full year operating profit fell 13% to $581.4 million respectively, which the group attributes to “new business strain from higher sales growth and medical claims in the Singapore operations” for the full year.
Non-operating profit registered a 74% decline to $12.7 million in 4Q16 from $48.9 million a year ago. For FY16, the group posted $48.5 million in non-operating losses as compared to non-operating profit of $2.5 million in FY15.
The group also notes lower operating profit contribution its Singapore business for the full financial year as compared to FY15, where its performance in the previous financial year was boosted by a $119.9 million gain from the sale of the group’s investment in New China Life Insurance Company.
Total Weighted New Sales (TWNS) for the quarter rose 13% to $345.5 million from $304.4 million in 4Q15.
Notably, the group’s TWNS for FY16 grew 11% to $1.1 billion, which Great Eastern attributes mainly to strong contributions from both agency and bancassurance channels.
New Business Embedded Value (NBEV), a measure of long-term economic profitability, recorded a 30% growth in 4Q16 to $145.5 million and also registered a 22% increase to $466.2 million over the financial year.
The group’s directors recommend a final dividend of 40 cents per ordinary share, which is subject to shareholders’ approval at its AGM, after which it will be payable on May 8 this year.
Including the 10 cents per share dividend which was paid in Sept 2016, total dividends for FY16 would amount to 50 cents per ordinary share.
Shares of Great Eastern closed 9 cents lower at $21.01 on Monday.
Source: The Edge
http://www.theedgemarkets.com.sg/smr/?q ... 5-5893-mil
Great Eastern’s FY16 earnings down 25% to $589.3 mil
By Michelle Zhu
SINGAPORE (Feb 13): Great Eastern Holdings has declared an 11% decline in 4Q16 earnings to $195.2 million, mainly due to lower operating and non-operating profit brought about by unrealised fair value losses from the valuation of assets and liabilities.
This brings the group’s earnings for FY16 to a total of $589.3 million, down 25% from $785.4 million a year ago. Additionally, its FY16 earnings were affected by a one-off loss of $18.7 million from disposal of its wholly-owned subsidiary, Great Eastern Life (Vietnam) Company.
Operating profit fell on a quarterly basis by 33% to $112.5 million while full year operating profit fell 13% to $581.4 million respectively, which the group attributes to “new business strain from higher sales growth and medical claims in the Singapore operations” for the full year.
Non-operating profit registered a 74% decline to $12.7 million in 4Q16 from $48.9 million a year ago. For FY16, the group posted $48.5 million in non-operating losses as compared to non-operating profit of $2.5 million in FY15.
The group also notes lower operating profit contribution its Singapore business for the full financial year as compared to FY15, where its performance in the previous financial year was boosted by a $119.9 million gain from the sale of the group’s investment in New China Life Insurance Company.
Total Weighted New Sales (TWNS) for the quarter rose 13% to $345.5 million from $304.4 million in 4Q15.
Notably, the group’s TWNS for FY16 grew 11% to $1.1 billion, which Great Eastern attributes mainly to strong contributions from both agency and bancassurance channels.
New Business Embedded Value (NBEV), a measure of long-term economic profitability, recorded a 30% growth in 4Q16 to $145.5 million and also registered a 22% increase to $466.2 million over the financial year.
The group’s directors recommend a final dividend of 40 cents per ordinary share, which is subject to shareholders’ approval at its AGM, after which it will be payable on May 8 this year.
Including the 10 cents per share dividend which was paid in Sept 2016, total dividends for FY16 would amount to 50 cents per ordinary share.
Shares of Great Eastern closed 9 cents lower at $21.01 on Monday.
Source: The Edge
http://www.theedgemarkets.com.sg/smr/?q ... 5-5893-mil
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Re: Great Eastern
by winston » Tue Feb 14, 2017 8:59 am
not vested
Great Eastern’s FY16 earnings down 25% to $589.3 mil
By Michelle Zhu
SINGAPORE (Feb 13): Great Eastern Holdings has declared an 11% decline in 4Q16 earnings to $195.2 million, mainly due to lower operating and non-operating profit brought about by unrealised fair value losses from the valuation of assets and liabilities.
This brings the group’s earnings for FY16 to a total of $589.3 million, down 25% from $785.4 million a year ago. Additionally, its FY16 earnings were affected by a one-off loss of $18.7 million from disposal of its wholly-owned subsidiary, Great Eastern Life (Vietnam) Company.
Operating profit fell on a quarterly basis by 33% to $112.5 million while full year operating profit fell 13% to $581.4 million respectively, which the group attributes to “new business strain from higher sales growth and medical claims in the Singapore operations” for the full year.
Non-operating profit registered a 74% decline to $12.7 million in 4Q16 from $48.9 million a year ago. For FY16, the group posted $48.5 million in non-operating losses as compared to non-operating profit of $2.5 million in FY15.
The group also notes lower operating profit contribution its Singapore business for the full financial year as compared to FY15, where its performance in the previous financial year was boosted by a $119.9 million gain from the sale of the group’s investment in New China Life Insurance Company.
Total Weighted New Sales (TWNS) for the quarter rose 13% to $345.5 million from $304.4 million in 4Q15.
Notably, the group’s TWNS for FY16 grew 11% to $1.1 billion, which Great Eastern attributes mainly to strong contributions from both agency and bancassurance channels.
New Business Embedded Value (NBEV), a measure of long-term economic profitability, recorded a 30% growth in 4Q16 to $145.5 million and also registered a 22% increase to $466.2 million over the financial year.
The group’s directors recommend a final dividend of 40 cents per ordinary share, which is subject to shareholders’ approval at its AGM, after which it will be payable on May 8 this year.
Including the 10 cents per share dividend which was paid in Sept 2016, total dividends for FY16 would amount to 50 cents per ordinary share.
Shares of Great Eastern closed 9 cents lower at $21.01 on Monday.
Source: The Edge
http://www.theedgemarkets.com.sg/smr/?q ... 5-5893-mil
Great Eastern’s FY16 earnings down 25% to $589.3 mil
By Michelle Zhu
SINGAPORE (Feb 13): Great Eastern Holdings has declared an 11% decline in 4Q16 earnings to $195.2 million, mainly due to lower operating and non-operating profit brought about by unrealised fair value losses from the valuation of assets and liabilities.
This brings the group’s earnings for FY16 to a total of $589.3 million, down 25% from $785.4 million a year ago. Additionally, its FY16 earnings were affected by a one-off loss of $18.7 million from disposal of its wholly-owned subsidiary, Great Eastern Life (Vietnam) Company.
Operating profit fell on a quarterly basis by 33% to $112.5 million while full year operating profit fell 13% to $581.4 million respectively, which the group attributes to “new business strain from higher sales growth and medical claims in the Singapore operations” for the full year.
Non-operating profit registered a 74% decline to $12.7 million in 4Q16 from $48.9 million a year ago. For FY16, the group posted $48.5 million in non-operating losses as compared to non-operating profit of $2.5 million in FY15.
The group also notes lower operating profit contribution its Singapore business for the full financial year as compared to FY15, where its performance in the previous financial year was boosted by a $119.9 million gain from the sale of the group’s investment in New China Life Insurance Company.
Total Weighted New Sales (TWNS) for the quarter rose 13% to $345.5 million from $304.4 million in 4Q15.
Notably, the group’s TWNS for FY16 grew 11% to $1.1 billion, which Great Eastern attributes mainly to strong contributions from both agency and bancassurance channels.
New Business Embedded Value (NBEV), a measure of long-term economic profitability, recorded a 30% growth in 4Q16 to $145.5 million and also registered a 22% increase to $466.2 million over the financial year.
The group’s directors recommend a final dividend of 40 cents per ordinary share, which is subject to shareholders’ approval at its AGM, after which it will be payable on May 8 this year.
Including the 10 cents per share dividend which was paid in Sept 2016, total dividends for FY16 would amount to 50 cents per ordinary share.
Shares of Great Eastern closed 9 cents lower at $21.01 on Monday.
Source: The Edge
http://www.theedgemarkets.com.sg/smr/?q ... 5-5893-mil
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Re: Great Eastern
by behappyalways » Sat Apr 29, 2017 6:07 pm
1Q earnings for Great Eastern more than double to $218 mil
http://www.theedgemarkets.com.sg/1q-ear ... le-218-mil
http://www.theedgemarkets.com.sg/1q-ear ... le-218-mil
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Re: Great Eastern
by behappyalways » Tue Jul 25, 2017 1:53 pm
great-eastern-2q17-earnings-surge-27-times-2795-mil
https://www.theedgesingapore.com/great- ... s-2795-mil
https://www.theedgesingapore.com/great- ... s-2795-mil
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Re: Great Eastern
by winston » Wed Sep 20, 2017 8:46 am
Great Eeastern may sell Malaysian operations for US$1b
Source: The Edge
https://www.theedgesingapore.com/great- ... 2-87358173
Source: The Edge
https://www.theedgesingapore.com/great- ... 2-87358173
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