Great Eastern’s profit triples in H1 2024 to $435m
Thanks to higher insurance profits and favourable investment return.
For the six months to June (H1 2024), Great Eastern saw its profits attributable to shareholders surge 34% on a year-on-year (YoY) basis to $434.5m (S$587.1m). It benefited from higher insurance profits and favourable investment returns.
Additionally, the group reported strong Total Weighted New Sales (TWNS) and New Business Embedded Value (NBEV) growth of 34% and 16% respectively in H1 2024, fueled by robust sales in Singapore and Malaysia.
To optimize capital structure, the group issued subordinated and medium-term notes in Singapore and Malaysia, boosting return on equity.
A 12.5% higher interim dividend of 45 cents per share, payable on 29 August, was declared, aligning with Great Eastern’s progressive dividend policy. The Company aims to sustain dividend growth barring unforeseen circumstances.
On a quarterly basis, its profits surged 45% YoY to $207.2m (S$280m), whilst TWNS and NBEV grew by 34% and 12% to $331.7m (S$448.3m) and $129.0m (S$175.7m), respectively.
($1.00 = S$1.34)