Great Eastern

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vested

Great Eastern reports 4% dip in 3Q earnings to $205.1 mil

by Stanislaus Jude Chan

SINGAPORE (Oct 25): Great Eastern Holdings saw its earnings dip 4% to $205.1 million for the 3Q19 ended September, from $213.3 million a year ago.

Gross premiums fell 13% to $3.07 billion the quarter, compared to $3.54 billion in 3Q18.

The group attributes the decline to its product management strategy to optimise its product mix.

Net investment income decreased by 2% to $744.9 million in 3Q19, mainly due to lower dividend income, offset by higher interest income.

However, Great Eastern notes that operating profit from its insurance business jumped 24% to $179.0 million in 3Q19, on the back of improved contribution from the group’s Singapore and Malaysia businesses.

However, the group registered a non-operating loss of $31.8 million from it insurance business due to higher valuation of insurance contract liabilities as a result of a decline in the discount rate used to value these liabilities. The group had recorded a non-operating profit of $20.6 million a year ago.

As at end-September, cash and cash equivalents stood at $5.44 billion.

“The group’s agency force remains an important and core channel for us and we will continue to devote key resources to strengthen the agency channel and enhance its effectiveness,” says group CEO Khor Hock Seng.

“Coupled with our synergistic bancassurance partnership with OCBC Bank and advancement in our digital transformation, we remain on track to grow our business,” he adds.

Source: The Edge

https://www.theedgesingapore.com/capita ... 401b309bc7

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vested

Great Eastern Q3 profit slips 4% on non-operating losses

Non-operating losses came in at $31.8 million for Q3, compared to a non-operating profit of $20.6 million in the corresponding period last year.

SINGAPORE - Great Eastern Holdings posted on Friday (Oct 25) a 4 per cent drop in net profit to $205.1 million for the third quarter ended Sept 30, from $213.3 million a year ago.

This came as non-operating losses came in at $31.8 million for Q3, compared to a non-operating profit of $20.6 million in the corresponding period last year.

The insurance arm of OCBC Bank said this was due to higher valuation of insurance contract liabilities as a result of a drop in the discount rate used to value these liabilities.

Meanwhile, operating profit grew 24 per cent on the year to $179 million from $144.4 million for the quarter, thanks to improved contribution from the Singapore and Malaysia businesses.

Earnings per share slipped to $0.43 for Q3, down 4 per cent from $0.45 a year ago.

Total weighted new sales for the quarter fell 9 per cent to $318.1 million, from $350.5 million a year ago, due to Great Eastern's product management strategy to optimise its product mix which caused gross premiums to shrink 13 per cent from a year ago to $3.1 billion.

That product management strategy led to new business embedded value rising by 30 per cent to $163.3 million in Q3 from $125.7 million a year ago, Great Eastern said on Friday.

Group chief executive officer Khor Hock Seng said Great Eastern's strong operating results in the first nine months was a result of both the agency and bancassurance channels.

"We will continue to devote key resources to strengthen the agency channel and enhance its effectiveness. Coupled with our bancassurance partnership with OCBC Bank and advancement in our digital transformation, we remain on track to grow our business," Mr Khor added.

No dividend was declared for Q3. The company only pays an interim dividend for the half year and a final dividend for the full year.

Source: Straits Times

https://www.straitstimes.com/business/c ... ing-losses

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not vested

Great Eastern Q1 profit tumbles 90% on non-operating losses

GREAT Eastern Holdings on Wednesday posted a 90 per cent drop in net profit to S$33.9 million for the first quarter ended March 31, 2020 from S$342.7 million a year ago.

The insurance arm of OCBC Bank was weighed down by non-operating losses of S$222.8 million, compared to a non-operating profit of S$75.9 million a year earlier.

Great Eastern said this was due to lower valuation of investments, arising from unfavourable financial market conditions in the first quarter.

Meanwhile, operating profit doubled to S$298.6 million from S$148.7 million from the same quarter last year. This was driven by increased contribution from its core markets and a reduction in insurance contract liabilities in both Singapore and Malaysia.

Total weighted new sales for the quarter grew 21 per cent to S$298.8 million, from S$247.4 million a year ago.

According to Great Eastern, the group's operations in Singapore and Malaysia continued its growth momentum, driven by agency channels in both countries and the bancassurance channel in Singapore.

Correspondingly, new business embedded value increased by 15 per cent for the quarter to S$126.1 million, from S$109.8 million for the corresponding period last year.

Great Eastern shares closed at S$18.73 on Tuesday, up S$0.13 or 0.7 per cent.

Source: Business Times

https://www.businesstimes.com.sg/compan ... ing-losses

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Great Eastern Holdings buys 21.9% stake in Axiata's Boost Holdings for $97 mil
https://www.theedgesingapore.com/news/j ... oldings-97

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not vested

BRIEF-Great Eastern Holdings Posts Q2 Profit Attributable S$297.5 Million

July 28 (Reuters) - Great Eastern Holdings Ltd :

* GREAT EASTERN HOLDINGS LTD - EXPECT CONTINUED VOLATILITY IN FINANCIAL MARKETS

* GREAT EASTERN HOLDINGS - Q2 PROFIT ATTRIBUTABLE S$297.5 MILLION VERSUS S$169.0 MILLION

* GREAT EASTERN- Q2 TOTAL WEIGHTED NEW SALES S$286.1 MILLION VERSUS S$296.8 MILLION

* GREAT EASTERN SEES CAPITAL ADEQUACY RATIOS OF INSURANCE UNITS IN SINGAPORE, MALAYSIA & INDONESIA, TO REMAIN ABOVE RESPECTIVE MINIMUM REGULATORY LEVELS

* GREAT EASTERN- SEES FURTHER IMPACT ON RESULTS FOR REMAINING 2020 AS SINGAPORE INSURANCE UNITS CONTINUE TO TAKE ASSET-LIABILITY MANAGEMENT ACTIONS

* GREAT EASTERN- INTERIM ONE-TIER TAX EXEMPT DIVIDEND OF 10 CENTS PER ORDINARY SHARE

Source: Reuters

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not vested

Great Eastern Holdings' 3Q earnings rise 40% to $287.9 mil on higher valuation of investments and improved market conditions

by Felicia Tan

TNWS for the 9MFY2020 was up 18% y-o-y to $1.02 billion driven by strong momentum from the group’s Singapore business.

Source: The Edge

https://www.theedgesingapore.com/capita ... tments-and

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Great Eastern Holdings posts 19% higher 4Q20 earnings of $341.3 mil due to higher total weighted new sales and one-off positive tax impact
https://www.theedgesingapore.com/capita ... gher-total

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Great Eastern posts 13-fold increase in 1Q21 earnings on better market conditions
https://www.theedgesingapore.com/news/r ... conditions

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Great Eastern posts 102% higher 1H21 earnings, declares interim DPS of 10 cents
https://www.theedgesingapore.com/capita ... s-10-cents

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Great Eastern reports 26% drop in 3Q21 earnings
https://www.theedgesingapore.com/capita ... 1-earnings