Great Eastern has announced a substantial increase in its profits for the first half of 2024, with a remarkable tripling to $435 million. This surge, driven by improved insurance earnings and advantageous investment returns, marks a 34% year-on-year rise.
For the six months ending in June 2024, the company recorded a profit attributable to shareholders of $434.5 million (S$587.1 million), reflecting robust growth in both insurance profits and investment returns.
The group’s performance was further bolstered by a 34% increase in Total Weighted New Sales (TWNS) and a 16% rise in New Business Embedded Value (NBEV), attributed to strong sales performance in Singapore and Malaysia.
To enhance its capital structure, Great Eastern issued subordinated and medium-term notes in both Singapore and Malaysia, which positively impacted its return on equity.
In line with its progressive dividend policy, the company declared an interim dividend of 45 cents per share, up 12.5% from the previous year, set to be paid on August 29. Great Eastern remains committed to maintaining dividend growth, barring any unforeseen events.
Quarterly results revealed a nearly doubled profit of $207.2 million (S$280 million), a 45% increase from the previous year. TWNS and NBEV also saw significant growth, with TWNS rising by 34% to $331.7 million (S$448.3 million) and NBEV up 12% to $129.0 million (S$175.7 million).
(Exchange rate: $1.00 = S$1.34)
