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Great Eastern Q4 net profit falls 14% to $135m
The Straits Times
|February 26, 2025
Great Eastern on Feb 25 reported a net profit of $134.8 million for the fourth quarter ended Dec 31, down 14 per cent from $157.2 million in the previous corresponding period.
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The insurance provider noted that the fourth quarter "saw several developments in the medical insurance business from both Singapore and Malaysia".
These developments were taken into consideration, resulting in a lower profit recorded for the period.
Total weighted new sales in the fourth quarter fell 16 per cent to $432.7 million from $514.1 million, amid lower single premium sales in the Singapore market.
New business embedded value (NBEV) slid 53 per cent to $105.7 million from $225.9 million.
The group had written down its NBEV by $91.7 million in the fourth quarter to reflect revised actuarial assumptions following the annual review exercise at the end of the year.
Excluding this impact, NBEV in the fourth quarter would have been $197.4 million, down 13 per cent year on year. This was mainly due to the decline in total weighted new sales.
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