Insurance company Great Eastern Holdings has posted earnings of $785.4 million for FY2015, an 11% decline from the $878.6 million in FY2014.
Revenue from gross premiums rose 7% to $8.8 billion, as total weighted new sales rose 8% to $975.2 million, with the strong sales growth in Singapore and Malaysia.
New business embedded value, an indicator of long-term economic profitability, rose 3% to $385.2 million.
Net profit from shareholders’ fund’s investments rose 29% higher to $263.4 million, on the back of the gain from the sale of part of the group’s investment in New China Life Insurance Company in 2Q2015 and forex gains from USD-denominated investments.
Operating profit fell 2% to $581.4 million due to currency translation, and non-operating profit fell from $145.2 million to $2.5 million as the group reported higher unrealised mark-to-market losses from the valuation of the assets and liabilities of the insurance business.
The group says it will continue to enhance its data analytics capabilities, utilise technology to gain insights on how it shapes customer experience, and will create long-term value for its shareholders amid the uncertain and competitive business environment.
Great Eastern has declared a final dividend of 40 cents and a special dividend of five cents per share for the half-year period.
The counter closed 0.26% lower at $19.55 on Feb 15.
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Revenue from gross premiums rose 7% to $8.8 billion, as total weighted new sales rose 8% to $975.2 million, with the strong sales growth in Singapore and Malaysia.
New business embedded value, an indicator of long-term economic profitability, rose 3% to $385.2 million.
Net profit from shareholders’ fund’s investments rose 29% higher to $263.4 million, on the back of the gain from the sale of part of the group’s investment in New China Life Insurance Company in 2Q2015 and forex gains from USD-denominated investments.
Operating profit fell 2% to $581.4 million due to currency translation, and non-operating profit fell from $145.2 million to $2.5 million as the group reported higher unrealised mark-to-market losses from the valuation of the assets and liabilities of the insurance business.
The group says it will continue to enhance its data analytics capabilities, utilise technology to gain insights on how it shapes customer experience, and will create long-term value for its shareholders amid the uncertain and competitive business environment.
Great Eastern has declared a final dividend of 40 cents and a special dividend of five cents per share for the half-year period.
The counter closed 0.26% lower at $19.55 on Feb 15.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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