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Insurance

Staff Reporter

, Malaysia

Published:

16 days ago

/Freepik

Great Eastern witnesses 26% YoY profit surge in Q1’24

Its new business-embedded value leapt 21% YoY.

In the first quarter of 2024, Great Eastern recorded a 34% year-on-year (YoY) surge in its total weighted new sales (TWNS) to reach $524.2m, driven by sustained growth across core distribution channels in Singapore, Malaysia, and Indonesia.

New business embedded value (NBEV) increased by 21% YoY to $163.2m for the quarter, reflecting the strong sales momentum.

ALSO READ: Callable notes to enhance Great Eastern Life’s financial resilience

Profit attributable to shareholders saw a notable 26% YoY rise to $306.7m compared to the same period last year. This growth was primarily attributed to higher profits from insurance operations and favourable investment performance in the shareholders' fund.

Additionally, the group's insurance subsidiaries maintained strong Capital Adequacy Ratios, well above regulatory requirements.

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