Great Eastern posts 16% increase in net profit in 2021

This translates to a total net profit of $1.1b.

Great Eastern Holdings reported its financial results for the year ended 31 December 2021, which showed a 16% jump to $1.11b.

More favourable financial market conditions and higher operating profit from the insurance business boosted the year's profit. However, for the quarter, profit declined by 33% because of a one-off tax impact recognised in the fourth quarter (Q4) of 2020.

Total weighted new sales increased 28%, whilst new business embedded value registered a 9% increase to $262m during Q4 2021, with a yearly increase of 21% to $808m.

"This achievement is the result of our unyielding commitment to transform our business against a backdrop of uncertainty brought about by unprecedented times. We have done well to strengthen our distribution network, arming our core channels of Agency/Financial Adviser and Bancassurance with digital tools to build resiliency into the business. Further, through the consistent execution of our recruitment strategy, we have strengthened our financial representative footprint across the region," commented CEO Khor Hock Seng.

Seng added the group will continue to be challenged by the evolving pandemic and geopolitical uncertainties.