Great Eastern Holdings Limited has announced a 13% increase in profit attributable to shareholders, reaching S$345.5m for the first quarter ending 31 March 2025. This growth is attributed to steady insurance business performance and favourable investment returns. Despite a 34% decline in Total Weighted New Sales, the Group’s New Business Embedded Value (NBEV) rose by 19% to S$148.8m, driven by an improved sales mix.
The decline in Total Weighted New Sales, down to S$345.1m from S$524.2m the previous year, is primarily due to a strategic shift towards regular premium sales. The Group’s insurance subsidiaries maintain strong Capital Adequacy Ratios, well above regulatory requirements.
Greg Hingston, Group CEO, commented on the results, highlighting the focus on enhancing product sales mix and serving affluent customers with tailored solutions. “Our improved Group NBEV reflects a focus on propositions that enhance our product sales mix,” he said. In Singapore, increased purchases of protection and legacy propositions, along with Regular Premium Investment-Linked plans, contributed to this growth. In Malaysia, legacy and wealth accumulation solutions bolstered performance.
Looking forward, Hingston noted the challenging business climate due to global volatility and geopolitical tensions. The Group aims to strengthen its business and distribution model with data-driven propositions to meet customer needs. The positive reception of US dollar-denominated plans underscores alignment with customer demands.
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