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Great Eastern’s Q1 net profit up 12%

Insurance group Great Eastern Holdings has booked a 12 per cent increase in first quarter earnings, compared to the same period a year ago.

SINGAPORE: Insurance group Great Eastern Holdings has booked a 12 per cent increase in first quarter earnings, compared to the same period a year ago.

Net profit for the three months ended in March (March 31) came in at S$231.6 million, on the back of higher gross premiums, which rose 14 per cent to S$1.85 billion.

Great Eastern attributes the higher sales to the strengthening of its professional advisory force.

Total weighted new sales increased 12 per cent year-on-year to S$225.9 million, with growth seen in both its Singapore and Malaysian markets.

Sales in Singapore grew 18 per cent on-year to S$157.2 million while in Malaysia, sales increased 5 per cent on-year to S$61 million.

In line with the better sales performance, new business embedded value -- a measure of long-term economic profitability -- grew 11 per cent to S$89.2 million in the first quarter. 

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