Great Eastern Holdings (G07) Q2 2025 earnings summary

Executive summary

• Profit attributable to shareholders for 1H-25 rose 1% year-over-year to S$593.7 million, supported by robust investment results and growth in underlying insurance business.

• Total comprehensive income increased 6% year-over-year, reaching S$769.6 million, mainly from higher other comprehensive income and mark-to-market bond gains.

• Insurance service result rose 49% to S$614.0 million, driven by higher insurance revenue.

• Interim one-tier tax exempt dividend of 25 cents per share declared, payable post-Bonus Issue, representing an 11% increase on a pre-bonus basis.

• Bonus issue of up to 473.3 million shares approved to facilitate trading resumption on SGX.

Financial highlights

• Total Weighted New Sales (TWNS) for 1H-25 declined 27% year-over-year to S$708.6 million, mainly due to lower single premium sales in Singapore.

• New Business Embedded Value (NBEV) for 1H-25 grew 16% year-over-year to S$316.5 million, supported by improved sales mix and higher-margin products.

• Profit from insurance business fell 8% year-over-year to S$415.2 million, impacted by asset-liability mismatch and private equity revaluation losses.

• Insurance revenue grew 9% year-over-year to $3,485.9 million.

• Other investment revenue fell 27% to $1,689.9 million, mainly due to USD depreciation.

Outlook and guidance

• NBEV growth expected to remain robust, supported by improved product mix despite softer sales.

• Underlying insurance profits anticipated to benefit from disciplined in-force management and improved claims experience.

• Continued financial market volatility expected, impacting mark-to-market valuations and profitability.

• Focus remains on innovation, new product launches, and serving evolving customer needs across markets.

• The company is investing in future-focused initiatives to strengthen capabilities and expand market reach.