Industry News

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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Manulife Financial Corporation has announced robust first-quarter results for 2025, with its Asia segment achieving record levels in annualised premium equivalent (APE) sales, new business contractual service margin (CSM), and new business value (NBV).

The company reported a 50% year-over-year increase in APE sales, reaching $1,412m, whilst new business CSM rose by 38% to $498m. NBV also saw a significant rise of 43%, totalling $457m. Core earnings in Asia increased by 7% to $492m, driven by higher sales volumes in Hong Kong, Japan, and other Asian markets.

The strategic highlights for the quarter included the renewal of Manulife’s bancassurance partnership with China Banking Corporation in the Philippines, extending their collaboration for another 15 years. This partnership aims to provide comprehensive life, wealth, and health solutions.

Additionally, Manulife enhanced its artificial intelligence capabilities, launching an AI Assistant to support agents in Singapore and brokers in Japan, thereby improving customer engagement and reducing administrative tasks.

Manulife also introduced a new Shared Values proposition, offering high-net-worth life insurance with health benefits, and expanded its cancer diagnosis services in Hong Kong. The company launched a cross-border Cancer Drug Support Service to facilitate access to affordable treatments in mainland China.

Phil Witherington, President and CEO of Manulife Asia, stated, “2025 has got off to a strong start for Manulife in Asia. Building on last year’s momentum, the Asia segment achieved record levels across all value metrics in the first quarter.” Steve Finch is set to take over as President and CEO of Manulife Asia on 9 May 2025, with a focus on sustainable growth and customer-centric solutions.

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Metro Holdings Limited has announced a substantial leasing achievement at its Asia Green property, reaching a committed occupancy rate of approximately 95% as of 31 March 2025. This follows the expiration of a major lease by Hitachi Asia, which previously occupied nearly 30% of the property’s net lettable area.

The Asia Green property, located in the Tampines Regional Centre, is 50%-owned by Metro and consists of two premium Grade-A office towers. The property has attracted new key tenants, including DIMENSIONS, a private school, SGX Mainboard-listed Food Empire Holdings, and the Eastern General Hospital Planning Office under SingHealth. These new leases have significantly contributed to the backfilling of the space vacated by Hitachi Asia.

Metro Group CEO and Executive Director Yip Hoong Mun commented on the achievement, stating, “The positive leasing progress achieved at Asia Green is testament to our proactive asset management efforts in positioning the property to continue capturing tenant demand for quality, decentralised but well-connected commercial space.”

Asia Green’s strategic location offers excellent connectivity, being a short walk from Tampines MRT Station and a brief drive from both Changi Airport and the Central Business District. The property, certified Green Mark Platinum, was valued at $320 million (S$435 million) as of 31 March 2025, up from $290 million (S$395 million) when acquired in April 2019.

The successful leasing progress at Asia Green is expected to enhance Metro’s recurring income and reflects the resilience of the Singapore office asset class within the company’s investment portfolio. The Tampines Regional Centre is poised for further development, potentially incorporating new mixed-use projects and enhanced connectivity.
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Hewlett Packard Enterprise (HPE) has unveiled the HPE Networking Instant On Secure Gateway, a new network security solution designed to help small and medium-sized businesses (SMBs) tackle increasing cybersecurity challenges.

Launched at HPE’s Customer Innovation Centre in Singapore, the gateway offers enterprise-grade security features without requiring extensive IT resources.

The HPE Networking Instant On Secure Gateway integrates essential security functions such as firewall protection, intrusion detection, and VPN support into a single, cloud-managed platform. This aims to simplify cybersecurity for SMBs, which often lack the resources to manage complex systems. The solution is available in two variants: the SG1004, a 1-gig, 4-port wired gateway, and the SG2505P, a multi-gig, 5-port gateway with enhanced performance and power capabilities.

Amol Mitra, vice president and general manager of Worldwide Small and Medium Business at HPE Aruba Networking, highlighted the challenges faced by SMBs, stating, “Today’s SMBs are under constant pressure to defend their networks from complex cyber threats, with limited IT resources, and a fast-evolving digital landscape.”

The gateway promises enhanced protection and operational efficiency by consolidating key security functions, reducing reliance on multiple tools and vendors. It also offers cost savings and regulatory compliance through unified security capabilities and automated policy enforcement. The solution is designed to be easily managed via a single-seat cloud system, making it accessible and affordable for SMBs.

The HPE Networking Instant On Secure Gateway is now available globally, providing SMBs with the tools needed to protect their networks and streamline operations in an increasingly connected world.
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Syfe, Asia’s leading digital wealth platform, has announced a collaboration with BlackRock, the world’s largest asset manager, to expand access to private credit investments for Accredited Investors in Singapore. This initiative aims to provide investors with access to high-quality, institutional-grade private credit opportunities, traditionally reserved for large institutions and ultra-high-net-worth individuals, at a fraction of the usual investment size.

Private credit, which involves direct loans to companies, has gained popularity due to its higher yields and lower volatility compared to public debt. Over the past decade, private credit funds have delivered average annual returns of 8-10%, outperforming traditional bonds. This collaboration marks a significant step in making these investment opportunities more accessible in Singapore.

Syfe clients will gain access to BlackRock’s US middle market direct lending strategy, part of a credit platform managing over $63 billion globally. BlackRock will offer marketing exclusivity in Singapore for this strategy with Syfe for a limited period. Ritesh Ganeriwal, Head of Investment and Advisory at Syfe, stated, “Syfe’s launch of BlackRock’s US middle market direct lending strategy unlocks access for our clients to products with exposure to high-quality, institutional-grade private credit opportunities.”

The partnership aligns with Syfe’s mission to empower individuals to build wealth by lowering investment minimums and eliminating complex fees. George Maltezos, Head of Capital Formation Team for APAC at BlackRock, expressed excitement about the collaboration, noting, “We’re pleased to expand access to our US middle market direct lending strategy and empower Accredited Investors in Singapore to make smarter, more diversified investment choices.”

As the wealth management landscape evolves, Syfe’s collaboration with BlackRock reinforces its commitment to providing diversified investment opportunities to its growing client base.
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Booking.com has unveiled its 2025 Sustainability & Travel Report, highlighting a significant shift in the attitudes of Singapore-based travellers towards sustainable tourism. The report, released on Earth Day, draws on insights from nearly 230,000 travellers across 35 markets, including 1,000 from Singapore, to explore how climate anxiety and community impact are influencing travel choices.

The study reveals that 46% of Singaporean travellers are now mindful of tourism’s effects not only on the environment but also on local communities. Despite recognising tourism’s positive impact, concerns about overcrowding, rising living costs, and noise pollution persist. Only 22% support capping visitor numbers, preferring infrastructure improvements to manage tourism sustainably.

Singaporeans are increasingly committed to supporting local economies, with 68% wanting their spending to benefit local communities. However, the report highlights a gap between sustainable intentions and actions, with cost and convenience cited as barriers. Whilst 64% plan to travel more sustainably, only 25% consistently make sustainable choices.

Climate change is a significant concern, with 33% altering travel plans due to extreme weather. Singaporeans associate sustainable travel with reducing plastic waste and offsetting carbon emissions. Yet, 54% remain sceptical of sustainability labels, calling for unified certification systems to enhance trust.

Booking.com aims to facilitate sustainable travel by offering options like eco-friendly accommodations and lower-emission flights. The report underscores the need for transparency and incentives to bridge the gap between sustainable intentions and actions, providing an opportunity for travel brands to engage with environmentally conscious travellers.
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DBS Group has reported a record profit before tax of S$3.44b for the first quarter of 2025, marking a slight increase from the previous year.

This achievement comes as the bank’s total income rose by 6% to S$5.91b, driven by strong business growth, particularly in wealth management and markets trading. However, net profit saw a 2% decline to S$2.90b due to increased tax expenses following the implementation of a 15% global minimum tax.

The bank’s total income growth was supported by balance sheet expansion, record fee income, and treasury customer sales. Despite these gains, DBS took a prudent approach by setting aside S$205m in general allowances to bolster reserves against ongoing macroeconomic and geopolitical uncertainties. The cost-income ratio remained stable at 37%, with asset quality showing resilience as the non-performing loan (NPL) ratio stood at 1.1%.

Compared to the previous quarter, DBS’s net profit increased by 10%, with non-interest income growing by 25% due to higher fees and trading income. Expenses decreased by 8%, partly due to non-recurring items from the previous quarter. Tan Su Shan, CEO of DBS, highlighted the bank’s strong start to the year, stating, “We had a strong start to the year with broad-based business growth led by wealth management, and ROE above 17% despite the impact of the global minimum tax.”

As trade tensions escalate, DBS remains focused on managing risks whilst capturing opportunities. The bank has strengthened its general allowance reserves and maintains strong capital and liquidity positions to support its customers.

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The Centre for Impact Investing and Practices (CIIP) and the Singapore Fashion Council (SFC) have signed a Memorandum of Understanding (MOU) to enhance supply chain sustainability in the fashion industry, focusing on micro, small, and medium enterprises (MSMEs). This collaboration, announced during Ecosperity Week 2025, aims to empower MSMEs to adopt Environmental, Social, and Governance (ESG) practices, thereby driving industry-wide resilience.

The MOU outlines the development of a sectoral plan, a resource guidebook, and a digital toolkit tailored for the fashion and textiles sector. These initiatives will be spearheaded by SFC, with CIIP providing insights from its recent report, “Transforming for Sustainability: Driving Impact and Value through Supply Chain Action.” The report, based on a survey of over 3,500 MSMEs and interviews with 85 organisations across Asia, identifies key barriers and enablers for sustainable supply chain practices.

Dawn Chan, CEO of CIIP, emphasised the importance of supporting MSMEs, stating, “Their growing interest in ESG signals a real opportunity to unlock business resilience and long-term value.” Zhang Ting Ting, CEO of SFC, added, “By partnering with forward-thinking organisations like Temasek Trust’s CIIP, we are bridging insight with implementation.”

The partnership seeks to provide MSMEs with practical tools to integrate sustainability into their operations, thereby strengthening resilience and competitiveness across supply chains. This initiative is expected to help businesses build more resilient, sustainable supply chains, positioning them to take advantage of future demand and opportunities.
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Singapore has launched a new entity, Singapore GasCo Pte Ltd, to centralise the procurement and supply of natural gas for the power sector. This initiative, announced on 7 May 2025, aims to enhance energy security and support Singapore’s transition towards net-zero emissions by 2050. Natural gas currently accounts for approximately 95% of the country’s electricity generation, underscoring its critical role in the energy landscape.

Singapore GasCo, fully owned by the government, will streamline gas procurement processes to achieve economies of scale and secure more favourable contracting terms. The entity will source natural gas from diverse suppliers and engage in long-term contracts to ensure stable supply and pricing. This strategic move is expected to bolster the resilience and cost-competitiveness of Singapore’s power system.

Alan Heng has been appointed as the Chief Executive Officer of Singapore GasCo. Heng brings over 37 years of experience in the energy sector, having previously served as Group CEO of Pavilion Energy until March 2025. His extensive background includes senior roles in planning, operations, and marketing at ExxonMobil over a 23-year tenure.

The establishment of Singapore GasCo marks a significant milestone in Singapore’s energy transition journey. The entity is poised to play a pivotal role in maintaining a secure and sustainable power system as the nation progresses towards a greener future.
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Over-The-Rainbow (OTR), a leader in youth mental wellness in Singapore, has announced a $1m pledge to launch The OTR Academy. This initiative, revealed during the Parenting Conference 2.0 at The Catapult Singapore, seeks to address the urgent need for accessible mental health support across the nation. The Academy’s first cohort will commence on 17 May 2025, offering science-backed courses and practical tools to empower community-led care.

The founders, Yen-Lu and Yee Ling Chow, have committed this substantial funding through their family foundation to support the Academy’s mission of training 10,000 wellbeing practitioners by 2030. The Academy is designed to equip individuals, including parents, educators, and peers, with the skills necessary to support mental wellbeing within their communities. This initiative underscores the growing awareness of the challenges many Singaporeans face in accessing timely and affordable mental health support.

The OTR Academy is grounded in the belief that personal growth through holistic self-care enables individuals to better support those around them. By providing structured, evidence-based training, the Academy aims to foster a community of practitioners capable of delivering effective mental health support. This commitment highlights the importance of community-driven solutions in addressing mental health needs in Singapore.

As the Academy prepares to launch its first cohort, the initiative represents a significant step towards enhancing mental healthcare and community wellbeing in Singapore. The founders’ pledge and the Academy’s ambitious goals reflect a broader movement towards improving mental health support across the nation.
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