Great Eastern Q2 profit doubles to S$503.2 million on stronger insurance returns
An interim dividend of S$0.35 per share was declared for the half year
Add BT as a preferred source
[SINGAPORE] Great Eastern Holdings on Friday (Jul 31) posted a 103 per cent jump in net profit to S$503.2 million for its second quarter ended Jun 30, 2026, up from S$248.2 million in the previous corresponding period.
This was mainly due to higher insurance operating profit, supported by continued earnings emergence from the in-force portfolio and positive underlying experience, Great Eastern said. It was also driven by stronger investment performance, led by equities.
Total weighted new sales for the second quarter increased 13 per cent year on year to S$411.3 million, from S$363.5 million a year earlier.
The performance was supported by continued strength in customer demand and improved productivity across distribution channels.
New business embedded value for Q2 rose 25 per cent to S$209.9 million from S$167.7 million. This was driven by higher sales and a more favourable product mix.
An interim one-tier tax-exempt dividend of S$0.35 per share was declared for the half year, up 17 per cent from the final dividend paid in FY2025. The dividend will be paid on Aug 28, 2026.
For the first half ended Jun 30, 2026, net profit attributable to shareholders rose 43 per cent to S$849.5 million, from S$593.7 million a year ago.
Total weighted new sales for H1 grew 15 per cent to S$813.2 million, while new business embedded value expanded 28 per cent to S$405.3 million.
Great Eastern group CEO Greg Hingston said: “Great Eastern’s core insurance business delivered a strong first half, with healthy insurance operating performance and supported by an uplift in investment performance in the second quarter.”
The strong performance was vindication for minority shareholders who held out in parent OCBC’s unsuccessful bid to delist the insurer.
In June 2025, OCBC made a conditional exit offer of S$900 million at S$30.15 per share to Great Eastern’s shareholders for the 6.28 per cent stake it does not own.
The following month, some 63.49 per cent of minority shareholders present and voting at the extraordinary general meeting cast their votes in favour of a conditional exit offer from OCBC, falling short of the 75 per cent required to pass the resolution.
It came more than a year after OCBC first made a privatisation bid for Great Eastern through a voluntary unconditional general offer at S$25.60 per share.
Shares of Great Eastern closed 0.1 per cent or S$0.02 lower at S$21.50 on Thursday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
