One-off tax impact boosts Great Eastern's Q4 net profit to $341.3m

FY2020 net profit fell 4% to $960.6m.

Great Eastern saw their Q4 net profit jump 19% to $341.3m mainly due to a one-off positive tax impact from the finalisation of prior years’ tax assessment, a bourse filing read.

FY2020 net profit fell 4% to $960.6m amidst a less favourable financial market condition for the year, particularly in Q1.

Total new weighted sales jumped 23% to $1.54b for FY2020 whilst it surged 34% to $527.6m in Q4 driven by strong momentum in Singapore and Malaysia.

New business embedded value (NBEV) was 10% higher at $670.2m for FY2020 and 42% higher at $274.8m for Q4.

Board directors have recommended the payment of a final one-tier tax exempt dividend of 50 cents per ordinary share. Upon approval, the final dividend will be payable on 5 May.