The firm cited higher valuation of investments amid more favourable financial market conditions for the quarter compared to a year ago.
Great Eastern, the insurance arm of OCBC Bank, has reported S$437.6 million ($328,41 million) in profit for the first quarter of 2021 – a twelvefold increase from the same period last year, when it pulled in S$33.9 million.
The insurer saw growth in total weighted new sales (28 percent y-o-y growth to S$383.6 million) and new business embedded value (30 percent y-o-y growth to S$182.2 million), with sales across all markets recording double-digit growth compared to the same quarter last year, according to financial results posted on Tuesday.
Strong Performance
CEO Khor Hock Seng attributed the company's strong performance to its multi-channel distribution capabilities. The firm is focusing its resources to strengthening its distribution channels and accelerating its digital initiatives and product solutions, he said in a statement accompanying the results.
Great Eastern has over S$90 billion in assets and more than 8 million policyholders, including 5 million from government schemes. The firm operates in Singapore, Malaysia, Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar.
