, Singapore
Photo courtesy of Great Eastern

Great Eastern posts S$244m in Q1 profits

Total weighted new sales, however, declined by 22% during the year.

OCBC Bank’s insurance arm, Great Eastern, has recorded S$244m in net profits for the first three months of 2023.

Net income was S$220m for the same period in 2022.

Total weighted new sales (TWNS) declined by 22% YoY to S$391m, dragged by slower sales in single premium plans. It as counterbalanced by sales in regular premiums.

ALSO READ: Great Eastern’s profits down 30% to S$784.2m in FY2022

Great Eastern’s new business embedded value (NBEV) also fell by 11% YoY to S$170m, slowed down by smaller TWNS. However, NBEV margins were higher on a YoY standpoint driven by a change in product mix.

“The comparative for prior period (1Q-22) has not been restated and is reported based on SFRS(I) 4 Insurance Contracts. More details on the impact of SFRS(I) 17 and the restated comparative information will be disclosed upon announcement of the 1H-23 interim financial statements.” the insurer said in a filing.

Follow the link 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!


Indonesia enters era of digital insurance distribution
Industry executives at Insurance Asia Forum 2024 push the digital mindset in developing an efficient ecosystem.
Indonesia needs a little tech to boost insurance penetration
When compared to GDP, insurance penetration in Indonesia is 1.4%, which is low relative to ASEAN.
How Grandtag secures the bag for Asia’s richest
Grandtag Financial’s regional CEO spills how ‘jumbo life insurance’ attracts UHNWIs in Asia.