Great Eastern Life’s Q2 2024 results show a mixed performance across Singapore and Malaysia, according to Jefferies Equity Research. In Singapore, despite a 25% QoQ drop in Total Weighted New Sales (TWNS), the company saw a 38% YoY increase, driven by strong growth in bancassurance and agency channels. This trend may influence competitors like Prudential and AIA, which are set to report their H1 2024 results.
In Malaysia, Great Eastern Life rebounded with a 32% QoQ and 30% YoY rise in new sales, reversing the previous quarter’s decline. The growth was supported by the Government’s social protection scheme, which does not benefit Prudential and AIA, making their core channel performance more critical.
Margins have declined YoY from 46.7% to 39.2%, although this is an improvement from Q1 2024’s 31.1%. This margin trend may suggest potential challenges for Prudential in Singapore due to rising 10-year yields affecting cash flow discounting.
