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.
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.