Great Eastern Holdings has announced a strong financial performance for fiscal year 2024 (FY 2024), with net income rising by 30% year-on-year (YoY) to S$1.0 billion (US$0.75 billion).
Group CEO Greg Hingston attributed the solid results to continued business growth, driven by customer-focused initiatives, effective cost management, and improved claims experience in individual life insurance. “The Group has maintained a consistently robust financial performance in 2024,” Hingston said in a press release.
Gross profit also saw a significant increase, rising 54% YoY to S$885.2 million (US$663.9 million). The insurer’s earnings per share (EPS) for the year stood at S$2.10 (US$1.57), reflecting a 28% YoY increase.
Total weighted new sales for FY 2024 reached S$1.8 billion (US$1.35 billion), up 8% from the previous year. However, the overall profit from the insurance business saw a slight dip, falling 9% YoY to S$621.5 million (US$466.13 million).
Looking ahead, Hingston expressed confidence in the company’s continued growth, anticipating the launch of a series of new programs in the coming year.
(Exchange rate: US$1.00 = S$1.34)
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