, Singapore
258 views
/Great Eastern Life website

Great Eastern Life sees mixed Q2 performance in Singapore, Malaysia

Its performance offers insights for competitors like Prudential and AIA.

Great Eastern Life’s second quarter (Q2 2024) results revealed a mixed performance, with sales falling quarter-on-quarter (QoQ) but maintaining strong year-on-year (YoY) momentum in Singapore, whilst Malaysia rebounded from a weak Q1, Jefferies Equity Research revealed. 

This performance offers insights for competitors like Prudential and AIA, which have significant market shares in both countries and are soon to report their H1 2024 results.

In Singapore, despite a 25% QoQ decline in Total Weighted New Sales (TWNS), YoY sales increased by 38%, with bancassurance and agency channels growing by 9% and 58%, respectively. 

This continued momentum is a positive sign for Prudential, which has experienced similar trends, though it’s worth noting that Great Eastern Life’s figures are more heavily skewed towards savings products, potentially offering them an easier comparison.

In Malaysia, Great Eastern Life's new sales grew by 32% QoQ and 30% YoY, reversing the previous quarter's decline. 

This growth was broad-based across agency, bancassurance, and other channels, with a significant uplift from the Government social protection scheme. 

However, since Prudential and AIA do not benefit from this scheme, their core channel performance will be more telling.

Despite the sales growth, Great Eastern Life’s margins have deteriorated year-on-year, dropping from 46.7% to 39.2%, although this is an improvement from the 31.1% seen in Q1 2024. 

This margin trend aligns with expectations for a slight margin headwind for Prudential in Singapore, driven by rising 10-year yields, which affect the discounting of health and protection cash flows.

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC emerges as leader in renewables insurance
RE is projected to account for 45% of global electricity generation by 2030.
Insurance
IFRC-DREF triggers insurance payout after disaster relief demands exceed threshold
The policy provides up to $16.92m in coverage.The International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund (IFRC-DREF) has triggered its first-ever insurance payout after disaster relief demands exceeded its deductible threshold. 
Insurance