Great Eastern profits surge 11% to $365.5m for H1 2022

Shareholder profits, however, declined 25%.

Great Eastern reported an increase of 11% year-on-year to $265.51m in its operating profit from its insurance business for the first half (H1) of 2022, according to the group’s latest financial statement.

Operating profit for the second quarter rose by 19% to $126.47m compared to the same quarter last year.

Total weighted new sales (TWNS) increased by 15% YoY to $730.06m in H1 2022 compared to H1 2021 of $665.92m. TWNS for Q2-22 grew by 3% backed by consistent performance across all markets.

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However, profit attributable to shareholders declined by 25% reflecting the lower valuation of investments given the challenging global investment climate.

“Our Group’s key operating metrics such as Operating Profit and Total Weighted New Sales have shown healthy growth for the first six months of the year compared with the same period last year. Our Group’s Profit Attributable to Shareholders for H1 2022 remained resilient despite the volatile capital and financial markets,” group CEO Khor Hock Seng said.