During the quarter, total weighted new sales fell by 34% y-o-y to $345.1 million mainly due to lower single premium sales in Singapore following the shift towards regular premium sales, although new business embedded value rose by 19% y-o-y to $148.8 million, thanks to an improved sales mix. Serving affluent customers in Singapore with more tailored solutions also contributed to the group’s performance, says group CEO Greg Hingston.
Other comprehensive income increased by 5% y-o-y to $73.9 million while total comprehensive income was up by 11% y-o-y to $419.4 million. The higher other comprehensive income was due to mark-to-market gains on bonds from the lower interest rates.
The group said its capital adequacy ratios for its insurance subsidiaries remain “strong” and above their respective minimum regulatory levels.
Looking ahead, the group CEO warns that the business climate will be “challenging” in the near- to mid-team due to the increasing volatility in the global landscape, which includes new trade measures and ongoing geopolitical tensions.
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Shares in Great Eastern last traded at $25.80. The group has till May 25 to comply with the free float rule. This comes after a previous extension that would’ve put its deadline at Jan 24.
