Great Eastern H1 2020 group profit falls 35% to $240.4m

Operating profits surged 57% to $351.3m (S$484.3m).

Great Eastern saw a 35% decrease in group profit to $240.4m (S$331.4m) for H1 2020 as operating profits ballooned 57% to $351.3m (S$484.3m), according to an announcement.

On a QoQ basis, group profit jumped 76% to $215.8m (S$297.5m) in Q2 2020 from $122.5m (S$169m) from Q2 2019.

Total new weighted sales inched up 7% for H1 2020 compared to a year earlier on the back of the increase registered by the Singapore business for the first six months of the year. However, group TWNS for Q2 was 4% lower versus the same period last year due to restricted business amidst the pandemic.

New business embedded value for H1 and Q2 2020 declined to $170.6m (S$235.2m) and $79.1m (S$109.1m) respectively.

The board has declared an interim one-tier tax-exempt dividend of 10 cents per ordinary share for the financial year ending 31 December 2020, to be paid on 26 August.