Great Eastern's FY 2024 Earnings Surge 30% YoY: A Tale of Resilience and Growth

Great Eastern Holdings Limited (Great Eastern), a leading insurance provider in Singapore and Malaysia, reported a significant surge in earnings for the fiscal year 2024 (FY 2024). The company's net income surged by 30% year-on-year (YoY) to S$1.0 billion ($0.75 billion), driven by steady business growth, effective cost management, and improved claims experience from individual life business. This impressive performance underscores the company's resilience and commitment to sustainable growth.



Great Eastern's earnings growth in FY 2024 can be attributed to several key factors. Firstly, the Group maintained a consistently robust financial performance due to steady business growth from expanding its customer-centric offerings. This growth was driven by the Group's operations in Singapore, Malaysia, and Indonesia, which continued to grow momentum through its core distribution channels (Great Eastern, 2024).

Secondly, the Group implemented effective cost management initiatives, which helped to improve its overall profitability. This factor is likely to be sustainable in the long term as it reflects the Group's commitment to operational efficiency (Great Eastern, 2024).

Thirdly, the Group's individual life business experienced improved claims experience, which contributed to its earnings growth. This factor is also likely to be sustainable in the long term, as it reflects the Group's ability to manage its risks effectively (Great Eastern, 2024).

Lastly, the Group's investment portfolio remained sound, and its capital position remained strong. The favorable investment performance contributed to the Group's earnings growth and is likely to be sustainable in the long term, given the Group's diversified investment portfolio and experienced investment management team (Great Eastern, 2024).



Great Eastern's strong financial performance in FY 2024 is a testament to the company's ability to navigate challenging global financial markets and maintain its competitive edge. The Group's commitment to net zero by 2050 through its three-pronged approach of Accelerating the Transition to a Net Zero future, Bringing Impact to Communities, and Conducting its Business Responsibly further enhances its long-term prospects.

In conclusion, Great Eastern's FY 2024 earnings surge of 30% YoY reflects the company's resilience, commitment to growth, and ability to navigate challenging market conditions. With a strong focus on customer-centric offerings, effective cost management, and sustainable investment strategies, Great Eastern is well-positioned to continue its growth trajectory in the long term.