Great Eastern reports 1H2021 financial results

| 03 Aug 2021

Great Eastern Holdings has reported its financial results for the half-year ended 30 June 2021, registering a strong overall performance despite a weaker showing in the second quarter.

The group’s profit attributable to shareholders registered a 102% increase to S$669.9m ($495.5m) for 1H2021, due to favourable financial market conditions compared to a year ago. For 2Q2021, profit attributable to shareholders fell 22% to S$232.3m as the financial market conditions were not as favourable for the quarter and resulted in lower mark-to-market gains.

The group reported strong total weighted new sales performance, with a growth of 88% and 57% recorded for 2Q2021 and 1H2021 respectively. This was attributed to the successful execution of the group’s distribution, product and digital strategies. On the back of strong sales, new business embedded value was 58% and 43% higher at S$186.7m and S$368.9m for 2Q2021 and 1H2021 respectively.

Commenting on the results, group CEO Khor Hock Seng said, “The strong performance on total weighted new sales and new business embedded value was the result of our business resilience, achieved through the building of capabilities and competencies in our distribution, product and digital front.”

He added, “Looking ahead, challenges brought forth by the evolving COVID-19 situation are likely to persist. We will continue to strengthen our distribution and product offerings to deliver the right solutions to meet the needs of our customers.”

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