INSURANCE | Staff Reporter, Singapore

One-off tax impact boosts Great Eastern's Q4 net profit to $258.4m

FY2020 net profit fell 4% to $727.5m (S$960.6m).

Great Eastern saw their Q4 net profit jump 19% to $258.4m (S$341.3m) mainly due to a one-off positive tax impact from the finalisation of prior years’ tax assessment, a bourse filing read.

FY2020 net profit fell 4% to $727.5m (S$960.6m) amidst a less favourable financial market condition for the year, particularly in Q1.

Total new weighted sales jumped 23% to $1.17b (S$1.54b) for FY2020 whilst it surged 34% to $399.6m (S$527.6m) in Q4 driven by strong momentum in Singapore and Malaysia.

New business embedded value (NBEV) was 10% higher at $507.6m (S$670.2m) for FY2020 and 42% higher at $208.1m (S$274.8m) for Q4.

Board directors have recommended the payment of a final one-tier tax exempt dividend of $0.37 (S$0.50) per ordinary share. Upon approval, the final dividend will be payable on 5 May.

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