Great Eastern reveals 102% higher earnings for H1

However, its Q2 profit fell by 22% to $232.3m. 

Great Eastern Holdings Limited announced its financial summary over the past half-year, which included growth in its profit and strong performances in their Total Weighted New Sales (TWNS) and New Business Embedded Value (NBEV).

The Profit Attributable to Shareholders recorded a 102% increase for the first half (H1) of 2021, totalling $669.9b. This is due to favourable market conditions compared to a year ago. Meanwhile, a dip to 22% was felt during the second quarter (Q2).

TWNS performance was pegged at 88% and 57% for Q2 and H1 of 2021, respectively.

NBEV also showed an upward trend: 58% at $186.7m and 43% at $368.9m were documented throughout Q2 and H1, respectively.

Great Eastern’s CEO Khor Hock Seng attributed this positive performance to the company’s various strategies.

“The strong performance on TWNS and NBEV was the result of our business resilience, achieved through the building of capabilities and competencies in our distribution, product, and digital front.” 

Another factor he pointed out is the launch of GREAT Green SP, the first green life insurance product in Singapore.

“This is the first green life insurance product in Singapore and it is a short-term endowment policy, which invests its portfolio assets to achieve positive environmental impact. We believe this is a step in the right direction to empower our customers to make a positive difference to the environment with their financial decisions.”