Great Eastern Holdings' profits soar 124% to $342.7m in Q1

Gross premiums rose 6% thanks mySalam Scheme contributions.

Great Eastern Holdings (GEH) popped the champagne in Q1 2019 as its profits grew 124% to $251.44m (S$342.7m) from $112.18m (S$152.9m) in the same period in 2018.

According to its financial statement, gross premiums grew 6% to $1.90b (S$2.59b) partly due to the contribution from the mySalam Scheme for the B40 household in Malaysia.

Net investment income increased 10% due to higher interest income. Meanwhile, fees and other income fell 14% mainly due to lower fee income from the GEH’s asset management arm, Lion Global Investors Limited.

Gross claims, surrenders and annuities increased 3% due to higher policy maturities and worsened medical claim experience. Meanwhile, commissions and distribution expenses increased 9% largely due to higher sales of regular premium policies.

No interim dividend has been declared in Q1 2019.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit