Great Eastern’s Q1 2025 Financial Results
Great Eastern reported its financial results for the first quarter ending March 31, 2025, showing significant growth in new business embedded value (NBEV). The group achieved a 19% increase in NBEV to S$148.8m, despite a decline in total weighted new sales (TWNS) primarily due to an improved sales mix.
Profit attributable to shareholders rose by 13% to S$345.5m, driven by steady growth in the insurance business and favorable investment performance. The capital adequacy ratios of the group’s insurance subsidiaries remained strong and above their respective minimum regulatory levels.
TWNS declined by 34% compared to the same period last year, mainly due to lower premium sales following the shift towards regular premium sales. Group CEO Greg Hingston commented, “We are pleased to report a solid set of results for the first quarter of 2025, underpinned by resilient profit growth and disciplined execution across the group.”
In Singapore, the company saw increased purchases of protection, legacy propositions, and Regular Premium Investment-Linked plans as they moved away from short-term single premium endowment plans. Malaysia’s performance remained resilient with greater contributions from legacy and wealth accumulation solutions. The positive response to US dollar-denominated single premium indexed universal life plans and new US dollar-denominated single premium endowment plans with index-linked returns demonstrated alignment with customer needs.
Looking ahead, Great Eastern anticipates a challenging business climate in the near to mid-term due to increasing global volatility, including new trade measures and ongoing geopolitical tensions. The company remains focused on strengthening its business and distribution model, supported by data-driven targeted propositions to meet customer needs.
