Great Eastern reports 33% decline in shareholder profits for Q4

However, overall shareholder profit for the financial year of 2021 increased by 16%

Great Eastern has reported a decline in Profit Attributable to Shareholders by 33% in Q4, but overall gained an increase of 16% to S$1.11b for the whole of 2021.

According to Great Eastern, the decline was mainly the result of a one-off positive tax impact recognised in Q4 2020.

The group’s total weighted new sales for the year recorded an increase of 28% driven by the strong contribution from all markets, whilst the quarter declined 6% compared to the year ago. The group’s new business embedded value for the quarter registered a 9% increase to S$262m, ending the year 21% higher at S$808m

“This achievement is the result of our unyielding commitment to transform our business against a backdrop of uncertainty brought about by unprecedented times. We have done well to strengthen our distribution network, arming our core channels of Agency/Financial Adviser and Bancassurance with digital tools to build resilience into the business. Further, through the consistent execution of our recruitment strategy, we have strengthened our financial representative footprint across the region,” Great Eastern chief executive officer Khor Hock Seng said.

Great Eastern’s directors have recommended, for shareholders approval at its annual general meeting, the payment of a final one-tier tax exempt of S$0.55 cents per ordinary share

Upon approval, the final dividend will be payable on 05 May 2022. Including the interim one-tier tax exempt dividend of S$0.10 cents per ordinary share paid in August 2021; total dividend for FY2021 would amount to S$0.65 cents per ordinary share.

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