Great Eastern Holdings (G07) Q1 2025 earnings summary

Executive summary

• Profit attributable to shareholders increased 13% year-over-year to S$345.5 million, driven by higher insurance and investment profits.

• New Business Embedded Value (NBEV) rose 19% year-over-year to S$148.8 million, reflecting a stronger product sales mix.

• Total Weighted New Sales (TWNS) declined 34% year-over-year to S$345.1 million, mainly due to lower single premium sales and a shift to regular premium products.

• Total comprehensive income increased 11% year-over-year to S$419.4 million, supported by mark-to-market gains on bonds.

Financial highlights

• NBEV reached S$148.8 million in 1Q-25, up from S$125.5 million in 1Q-24.

• Profit from insurance business increased 4% year-over-year to S$246.8 million, with higher risk adjustment release and improved operating variance.

• Profit from shareholders' fund surged 40% year-over-year to S$98.7 million, mainly from higher interest income and bond gains.

• Other comprehensive income rose 5% year-over-year to S$73.9 million, driven by bond gains from lower interest rates.

• Capital Adequacy Ratios of insurance subsidiaries remain strong and above regulatory minimums.

Outlook and guidance

• NBEV growth expected to remain robust, supported by a continued shift to regular premium products and improved sales mix.

• Near- to mid-term business climate expected to be challenging due to global volatility, new trade measures, and geopolitical tensions.

• Focus remains on strengthening business and distribution models, with data-driven targeted propositions.