Great Eastern’s FY 2024 earnings surge 30% YoY

EPS was at S$2.10.

Great Eastern Holding’s fiscal year 2024 (FY 2024) net income surged 30% year-on-year (YoY) to S$1.0b ($0.75b).

“The Group has maintained a consistently robust financial performance in 2024 due to steady business growth from expanding our customer-centric offerings, effective cost management initiatives and improved claims experience from individual life business,” Greg Hingston, group CEO of Great Eastern, said in a media release.

Likewise, gross profit also increased 54% YoY to S$885.2m ($663.9m). For the year, earnings per share (EPS) stood at S$2.10 ($1.57), up 28% YoY.

The insurer’s total weighted new sales for FY 2024 increased 8% YoY to S$1.8b ($1.35b). Meanwhile, the new business embedded value (NBEV) dipped 9% YoY to S$621.5m ($466.13m).

Looking forward, the CEO anticipates to launch a line-up of programmes.

($1.00 = S$1.34)