Great Eastern’s profits down 30% to S$784.2m in FY2022

CEO Khor Hock Seng said that volatility of global financial markets impacted earnings.

Great Eastern’s profit attributable to shareholders totalled S$784.2m in FY2022, 30% lower than the previous year, its latest financial results showed. This reflects the lower valuation of investments amidst “the challenging global investment climate”, the insurer said.

Total weighted new sales fell 3% to S$1.9b in 2022, reflecting lower sales from single premium plans, offset partially by better performance in the regular premium sales.

“Whilst the group’s profit was impacted by the volatility in the global financial markets during the year, our investment portfolio remains sound and our capital position also remains strong. The Group’s NBEV and Operating Profit from Insurance Business continued its good growth momentum, underscoring the strength of our core business fundamentals, achieving a year-on-year growth of 9% and 7% for the full year,” said group CEO Khor Hock Seng.

Operating profit from the  insurance business registered a growth of 7% for the year. 

ALSO READ: Great Eastern’s profit attributable to shareholders dips 12% to $780.9m in 9M22

The directors have recommended a final one-tier tax exempt dividend of 55 cents per ordinary share. Upon approval, the final dividend will be payable on 8 May 2023. 

Including the interim one-tier tax exempt dividend of 10 cents per ordinary share paid in August 2022, total dividend for the fiscal year would amount to 65 cents per ordinary share.

Looking ahead, Khor said that the business climate remains challenging, reflecting geopolitical uncertainty, a difficult investment climate and inflationary pressures. 

ALSO READ: Great Eastern launches two critical illness cover

“We remain positive on the long-term growth potential of the markets we operate in and will continue to strengthen our business model and build a resilient and sustainable business for the long term,” Great Eastern said in its financial statement.