Ezotop

Thursday, June 22, 2023

Great Eastern

A legacy in life insurance

Founded in 1908, Great Eastern is the most established life insurance group in Singapore and Malaysia. With over S$100 billion in assets and more than 14.5 million policyholders, including 12 million from government schemes, we provide insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm, Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar. Great Eastern is a subsidiary of OCBC Bank, established in Singapore since 1932. Our asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia. The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by S&P Global Ratings since 2010, one of the highest among Asian life insurance companies.

Your trusted partner in general and group insurance
 


The Group's general insurance business is underwritten by its wholly-owned subsidiary, Great Eastern General Insurance Limited (GEG), formerly known as the Overseas Assurance Corporation Limited (OAC) founded in 1920. Great Eastern General Insurance Limited (GEG) offers a wide range of commercial and personal line products and distributes its products through bancassurance, agents, brokers, financial advisors and direct channels. GEG strives to make it easy for customers and intermediaries by providing them with responsive support, innovative products, fast claims and hassle-free enrolment. Our comprehensive suite of insurance solutions include Auto, Home, Travel, Personal Accident, Maid for retail customers and Small and Medium Business package and various Property and Casualty insurance for businesses. Great Eastern is also one of Singapore’s top 3 insurers in the Group Insurance market and we provide insurance coverage for close to half a million employees and their families through our group insurance schemes. With more than 40 years of experience in the Group Insurance and a subsidiary of OCBC Bank (the longest established Singapore bank, formed in 1932), our products are well received and trusted by HR professionals in the region with its financial strength and stability. 

 A leader in bancassurance 


Great Eastern became the first insurer to establish a bancassurance network in Singapore in an exclusive partnership with OCBC Bank in 1992. Since then, we have strengthened our partnership and continue to be a market leader in bancassurance as we develop new growth opportunities in this area, to deliver our quality solutions and customer service with convenience to OCBC customers. 

Great Eastern properties Properties are an important part of the Great Eastern Life Assurance Co. Ltd, portfolio. We offer a selection of residential, commercial and retail units available for lease throughout Singapore. 

First quarter 2023 financial results update

 The Group’s TWNS for 1Q-23 declined 22% against the same period last year due to lower sales from single premium plans, offset partially by better performance in the regular premium sales. While the Group’s NBEV for 1Q-23 fell by 11% to S$169.7 million as a result of the lower TWNS, the NBEV margins were higher against 1Q-22 due to the shift in product mix. 

The Group has adopted SFRS(I) 17 Insurance Contracts on 1 January 2023 and has prepared its 1Q-23 Profit Attributable to Shareholders under this basis. The comparative for prior period (1Q-22) has not been restated and is reported based on SFRS(I) 4 Insurance Contracts. More details on the impact of SFRS(I) 17 and the restated comparative information will be disclosed upon announcement of the 1H-23 interim financial statements. SFRS(I) 17 replaces SFRS(I) 4 and is effective for annual periods beginning on or after 1 January 2023. This accounting change will impact the timing of profit recognition and initial shareholders’ equity, but will not affect the Group’s business operation. Profit Attributable to Shareholders for 1Q-23 remained healthy, reflecting the Group’s underlying solid business fundamentals.


Chart wise, bullish mode!






 

Likely to continue to trend higher! It has managed to reclaim 18.00 and close well at 18.21 looks rather positive. The only concern is that the volume is very low! The next resistance is at about 18.60 follow-by 19.10. Not a call to buy or sell! Please dyodd.

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