Great Eastern's profit climbed 36% to $1b in FY2019

Profit from its shareholders’ fund surged 266% to $277m from higher valuation.

Great Eastern's profit attributable to shareholders jumped 36% YoY to $1b in FY2019, the group announced. In Q4, profits soared 110% YoY to $287m.

The group attributed its yearly growth from the consistent performance of its operating profit from insurance business, which climbed 4% YoY to $664.4m for the year. It's non-operating profit of $80m and profit from shareholders' fund of $277.7m also skyrocketed 110% and 266%, respectively, due to higher valuation of their investments.

The group’s total weighted new sales (TWNS) rose 19% to $395m, driven by its Singapore and Malaysia businesses. For the full year, it climbed 1% to $1.26b.

Meanwhile, its new business embedded value (NBEV) expanded 15% to $616.3m for the full year, as the company executed its distribution and product strategies.

The group’s directors have recommended the payment of a one-tier tax exempt dividend of $0.5 per ordinary share, which will be payable on 8 May upon approval.