The insurer benefits from good investment performance. Profitability remains healthy although higher medical claims put a dampener on performance.
Great Eastern, the insurance arm of Singapore’s OCBC bank, reported that net profit rose 27 percent to S$774.6 million, an announcement sent by the company on Monday indicated.
It said the performance was mainly the result of a positive investment performance in its Singapore Life business.
Steady Client Growth
The overall profitability of the life insurance business remained healthy, although it was somewhat «dampened» by increased medical claims.
According to the insurer, its core business lines remain «resilient and strong» and continue to experience steady customer growth.
«Despite the operating climate remaining challenging in 2023, we stayed focused on our core strategies of improving customer experience and developing new products to meet the evolving wealth and protection needs of our customers across the region,» group chief executive Khor Hock Seng indicated in the statement.
