Great Eastern posts 40% profit jump in Q3

Total weighted new sales also surged 36% in the same quarter.

Great Eastern has recorded a 40% profit jump in Q3 to $287.9m from $205.1m a year ago, a bourse filing read, owing to a higher valuation of investments due to improved market conditions.

Total weighted new sales (TWNS) ballooned 36% to $432.8m in the same quarter from $317.5m in Q3 2019. It also bloomed 18% in the first nine months of 2020 to $1.017b. New business embedded value (NBEV) inched up 2% to $160.2m in Q3 this year from $157.4m the same quarter a year ago.

The growth in TWNS for the first nine months was pushed by robust momentum from the Singapore business, whilst growth for Q3 was contributed by the pick-up of activity across all markets.

On the other hand, 9M 2020 profit went down 14% to $619.3m from $716.8m in 9M 2019 brought about by unfavourable financial market conditions in Q1. NBEV also dropped 6% in 9M 2020 to $395.4m.

The capital adequacy ratios of the group’s insurance subsidiaries in Singapore and Malaysia remain strong and well above their respective minimum regulatory levels. The group also remains focused on bolstering its hiring amidst economic uncertainties, said group CEO Khor Hock Seng.