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Anyone buying... Cheap enough now?
desmondxyz ( Date: 30-Dec-2021 16:54) Posted:
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Not much interest in this stock. Liquidity too thin.
Great Eastern Q4 profit falls 33% but posts full-year increase
GREAT Eastern Holdings Great Eastern: G07 -0.32% on Tuesday (Feb 22) posted a net profit of S$229.8 million for the fourth quarter ended Dec 31, 2021, down 33 per cent year on year from S$341.3 million.
The insurance arm of local bank OCBC said in its financial results this dip was due to the year-ago period recognising a one-off positive tax impact that arose from the finalisation of prior years' tax assessments.
In an earnings call on Tuesday, group chief financial officer Ronnie Tan also noted that the company' s profits were affected significantly by market movement. While equity markets in 2020 experienced a strong rebound after they initially crashed due to the Covid-19 pandemic, they had been relatively stable in 2021.
For the quarter, the group saw operating profit, net of tax, from its insurance business increasing by 126 per cent to S$173.9 million, from S$76.8 million the previous year.
Non-operating profit for the insurance business for Q4 FY2021, however, dipped by 6 per cent on-year to S$44.7 million, from S$47.3 million.
Its Q4 FY2021 profit from shareholders' fund also tumbled 93 per cent to S$17 million from S$228.1 million in Q4 FY2020.
Total weighted new sales (TWNS) for the 3 months sank 6 per cent year on year to S$496.9 million, from S$527.9 million, contrasting the quarter' s new business embedded value (NBEV), which went up 9 per cent year on year to S$262 million from S$239.4 million.
Its directors have recommended a final dividend of S$0.55 per share, up from S$0.50 in H2 FY2020, for the second half-year ended Dec 31, 2021.
Upon approval by shareholders at the next annual general meeting, the dividend will be paid on May 5, 2022. Including an interim dividend of S$0.10 paid in August 2021, this would bring the full FY2021 dividend up to S$0.65 per share, increasing from S$0.60 in FY2020.
Overall in FY2021, net profit attributable to shareholders climbed 16 per cent to S$1.11 billion, from S$960.6 million in FY2020.
This translated to full-year earnings per share going up by 16 per cent year on year to S$2.35, from S$2.03.
The group said the increase in net profit was due to more favourable financial market conditions and higher operating profit from the insurance business, which inched up 3 per cent to S$752.9 million from S$730.7 million.
The full-year non-operating profit from the insurance business also returned to the black at S$289.7 million, from a non-operating loss of S$88.7 million in FY2020.
Gross premiums for the year went up 22 per cent to S$19 billion, from S$15.5 billion in FY2020.
Meanwhile, TWNS for FY2021 recorded an increase of 28 per cent year on year to SS1.97 billion from S$1.54 billion, driven by the strong contribution from all markets. NBEV ended the financial year 21 per cent higher at S$808 million, from S$669.5 million the previous year.
NBEV margin for the full year was down at 41 per cent from 43.4 per cent in FY2020, while NBEV margin for the fourth quarter of 2021 was up at 52.7 per cent, compared to 45.3 per cent a year earlier.
Tan said short-term savings products launched in the second and third quarters of 2021 resulted in " significantly higher sales" .
He also noted that TWNS for the company' s other channels in Singapore also rose to S$40.9 million for FY2021 from S$21.4 million a year earlier, with notable contributions from the Dependants' Protection Scheme (DPS). In April 2021, the company had become the sole insurer of the DPS, which is the term-life insurance scheme by the Central Provident Fund board.
Looking ahead, the group expects underlying headwinds from Covid-19 will persist, while rising interest rates, growing inflation concerns and geopolitical tensions are likely key factors that may impact its performance.
Group chief executive Khor Hock Seng noted that a key challenge for 2022 would be to manoeuvre the volatile markets and to look out for customer behavioural changes.
" But despite the volatility, we are doing well and are more resilient, and we hope to continue this resiliency going forward," Khor said.
Great Eastern Reports FY-21 Financial Results
FY-21 Profit Attributable to Shareholders up 16% to S$1,113.0 million
FY-21 Total Weighted New Sales up 28% to S$1,971.6 million
FY-21 New Business Embedded Value up 21% to S$808.0 million..The Directors have recommended, for shareholders? approval at the Annual General
Meeting, the payment of a final one-tier tax exempt dividend of 55 cents per ordinary
share.
To give u chance to buy more
CleanNGreen ( Date: 17-Dec-2021 13:05) Posted:
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Anyone got any clue y this share price has been dropping recently?
Great Eastern Q3 earnings fall 26% to S$213.3m on market conditions
GREAT Eastern Holdings on Tuesday (Nov 2) posted a 26 per cent fall in net profit to S$213.3 million for the third quarter ended Sept 30, from S$287.9 million a year ago.
The insurance arm of OCBC said this was mainly because financial market conditions were not as favourable for Q3 2021, resulting in mark-to-market losses.
Meanwhile, operating profit rose 46 per cent to S$248.7 million, from S$170.2 million a year earlier, in line with higher profit from the insurance business.
However, non-operating profit came in at a loss of S$4.6 million for the quarter, swinging from a profit of S$51.2 million in the preceding year.
Profit from shareholders' fund fell to a loss of S$28.4 million, from a profit of S$74.9 million a year ago, due to mark-to-market losses in equities and collective investment schemes, the insurer noted.
Despite the negative impact from Covid-19 on sales in Malaysia and Indonesia, strong momentum for the business in Singapore led to a 29 per cent growth in total weighted new sales to S$555.2 million, from S$432.1 million last year.
The sustainable total weighted new sales performance was underpinned by the successful execution of the group' s distribution, product and digital strategies, the insurer said.
In addition, lower margins in Singapore also led to new business embedded value edging up 3 per cent to S$177.1 million, from S$171.3 million in the corresponding period last year.
Great Eastern group chief executive officer Khor Hock Seng pointed out that the group has continued to build on the momentum from the past 9 months to achieve robust growth in total weighted new sales and new business embedded value for the year thus far.
" Our priority remains to build resiliency into our businesses amid current and evolving Covid-19 challenges. This would entail delivering the right solutions to meet the needs of our customers, leveraging on our comprehensive suite of products, strengthening our distribution capabilities as well as sharpening our digital solutions and services.
" We will stay the course as we pursue a disciplined strategy to grow our franchise across our key markets in an increasingly uncertain and competitive business environment," he said.
45% of retirees say they regret not planning their finances for retirement earlier
A survey conducted by Great Eastern found that financial stability was strongly linked to contentment during retirement.Of the 304 respondents surveyed in May 2021, 60% regretted how they planned their retirement in hindsight.
Another 45% regretted not planning for their retirement earlier.
According to the survey, retirees who did not plan for their retirement and depended on a monthly retirement of $1,200 a month, were left with only $30 at the end of the month after paying off their basic monthly expenses.
The amount of $1,200 was derived mainly from the respondents' top three income sources, which were past savings, CPF payouts and allowances from family members.
However, retirees who began planning for their retirement before 50 years old had an average of $625 per month more to spend.
Meanwhile, retirees who started planning after the age of 50 years had only $300 extra to spend monthly.
Naturally, most of the respondents who participated in the survey, indicated that they wish they had 60% more money to spend on a daily basis.
According to Alvin Yeo, financial services director from Great Eastern, there is no fixed amount for a comfortable retirement.
" What is defined as a " comfortable amount" differs from individual from individual depending on his/her lifestyle and spending habits," he says in an e-mail interview with The Edge Singapore.
" My advice for them is to start saving and planning as early as possible, and to seek professional advice for their retirement planning, which is for the long-haul," he adds.
The way Yeo sees it, it helps to " start small" when it comes to saving up for retirement.
" Retirement should be a priority to start once one can set aside regular amounts when one starts working, for instance. The key is to start at any time regardless of how late you think you may be, rather than never," he says.
When saving up for retirement, Yeo recommends the 50/30/20 rule when it comes to apportioning one' s monthly income.
" I would advise to set aside the first 50% of one' s take-home monthly income on fixed and necessary expenses such as food and housing, and the other 30% to fulfill our " wants" or desired lifestyle needs like travel," he writes.
" The remaining 20% can be either used for long term savings or allocate a portion of this for investments to gain potentially higher returns over the long term."
In the same survey, it was found that women did not prioritise their financial needs as much as men.
This may be due to women generally putting their family' s needs before themselves, says Yeo.
Instead, 45% of women were more dependent later in life on their children and family members for monthly allowances, compared to 39% of men.
Women also had less investment income at 18% compared to 31% of men surveyed.
According to data from Singapore' s Census of Population 2020, more women are also choosing singlehood, which means that they' re likely to have to rely on their own savings later in life.
As life expectancy for women are expected to reach age 85.4 years by 2040, it is imperative that women begin to prioritise retirement planning.
In order to enjoy a comfortable retirement, Yeo advises women to find out their financial gaps with professional help.
" I would advise that they should review their financial health every few years as their financial goals and needs may change over time," he says.
Colin Chan, managing director for group marketing at Great Eastern says, " With longer life expectancy and the rising cost of living in Singapore, proactive retirement planning and starting early is more important than ever" .
" While retirement planning might be a distant concern for many of us, the many uncertainties in recent times impacting people' s job security is a reality. We encourage people to get started early, no matter how small, so that they can have the freedom to make their own decisions to lead their desired retirement lifestyle with the help of professional advice," he adds.
Shares in Great Eastern closed 2 cents higher or 0.09% up at $21.31 on Sept 6.
will the da ma beat the gui lao this time in 2021?
https://images.app.goo.gl/jZ9BktoTnQjiphZX8
OCBC Bids for Great Eastern
By Stephen Wright
June 30, 2006 12:01 am ET-
Text
OCBC said the offer is a premium of 14.4% over Great Eastern' s average closing share price of S$13.99 for the month before the offer was announced.
OCBC is the smallest of Singapore' s three major lenders by market capitalization and has been losing ground to DBS Group Holdings Ltd. and United Overseas Bank Ltd.
OCBC Chief Executive David Conner said there have been encouraging results over the past two years as the bank and Great Eastern, the biggest insurer in Singapore and Malaysia by assets, have been " cross-selling" each other' s products.
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The takeover will be funded by recent asset sales.
Write to Stephen Wright at
Great Eastern Q2 profit falls 22% to S$232.2m amid less favourable market conditions
GREAT Eastern Holdings Great Eastern: G07 -0.09% on Monday posted a net profit of S$232.3 million for the second quarter ended June 30, 2021, 22 per cent lower than the S$297.5 million a year ago.
The insurance arm of OCBC attributed this to financial market conditions that were not as favourable for the quarter, which resulted in lower mark-to-market gains.
Operating profit for Q2 fell to S$148 million, down 20 per cent from S$185.1 million a year ago. Meanwhile, non-operating profit eased to S$34.9 million, down 2 per cent from S$35.6 million.
Profit net of tax from shareholders' fund fell to S$55.8 million, down 35 per cent from S$85.3 million the previous year.
Total weighted new sales rose to S$535.9 million, up 88 per cent from S$285.6 million from the previous year, which the insurer said was due to the low base effect experienced in the same quarter a year ago. (see clarification note)
New business embedded value climbed to S$186.7 million, up 58 per cent from S$118.4 million a year ago on the back of strong sales.
Meanwhile, net profit for the half-year ended June 30, 2021 more than doubled to S$669.9 million from S$331.4 million a year ago.
Earnings per share was S$1.42 for the first half, more than double the S$0.70 for the preceding year.
Total weighted new sales for the same period rose to S$919.5 million, up 57 per cent from S$584.7 million a year ago on the back of sustained sales momentum, particularly in Singapore. (see clarification note)
New business embedded value also climbed to S$368.9 million, up 43 per cent from S$258.8 million the year before.
Profit net of tax from shareholders' fund for the half-year rose to S$102.2 million, up 135 per cent from S$43.4 million a year ago.
The board declared an interim one-tier tax-exempt dividend of S$0.10 per ordinary share for the financial year ending Dec 31, 2021 that will be paid on Aug 31.
Great Eastern group chief executive officer Khor Hock Seng said that the strong performance in total weighted new sales and new business embedded value were due to the resilience of its business built from its strengths on the distribution, product and digital front.
" Looking ahead, challenges brought forth by the evolving Covid-19 situation are likely to persist. We will continue to strengthen our distribution and product offerings to deliver the right solutions to meet the needs of our customers," he said.
Great Eastern Q2 profit falls 22% to S$232.2m amid less favourable market conditions
Great Eastern Holdings Great Eastern: G07 +0.32% on Monday posted a net profit of S$232.3 million for the second quarter ended June 30, 2021, 22 per cent lower than the S$297.5 million a year ago.The insurance arm of OCBC attributed this to financial market conditions that were not as favourable for the quarter, which resulted in lower mark-to-market gains.
Operating profit for Q2 fell to S$148 million, down 20 per cent from S$185.1 million a year ago. Meanwhile, non-operating profit eased to S$34.9 million, down 2 per cent from S$35.6 million.
Profit net of tax from shareholders' fund fell to S$55.8 million, down 35 per cent or S$85.3 million the previous year.
Total weighted new sales rose to S$535.9 million, up 88 per cent from S$285.6 million from the previous year, which the insurer said was driven by sustained sales momentum, particularly in Singapore, as well as the low base effect experienced in the same quarter a year ago.
New business embedded value climbed to S$186.7 million, up 58 per cent from S$118.4 million a year ago on the back of strong sales.
Meanwhile, net profit for the half-year ended June 30, 2021 more than doubled to S$669.9 million from S$331.4 million a year ago.
Earnings per share was S$1.42 for the first half, more than double the S$0.70 for the preceding year.
Total weighted new sales for the same period rose to S$919.5 million, up 57 per cent from S$584.7 million a year ago.
New business embedded value also climbed to S$368.9 million, up 43 per cent from S$258.8 million the year before.
Profit net of tax from shareholders' fund for the half-year rose to S$102.2 million, up 135 per cent from S$43.4 million a year ago.
The board declared an interim one-tier tax-exempt dividend of S$0.10 per ordinary share for the financial year ending Dec 31, 2021 that will be paid on Aug 31.
Great Eastern group chief executive officer Khor Hock Seng said that the strong performance in total weighted new sales and new business embedded value were due to the resilience of its business built from its strengths on the distribution, product and digital front.
" Looking ahead, challenges brought forth by the evolving Covid-19 situation are likely to persist. We will continue to strengthen our distribution and product offerings to deliver the right solutions to meet the needs of our customers," he said.
Shares of Great Eastern fell by 0.4 per cent, or S$0.08, to close at $21.61 on Friday.
GE Life results were crazy good - doubled from last year. Will boost OCBC results.
https://links.sgx.com/FileOpen/Media%20Release.ashx?App=Announcement&FileID=676896
https://links.sgx.com/FileOpen/Media%20Release.ashx?App=Announcement&FileID=676896
astute move Sis Halle.
Wish you huat huat Sis
soon wi good report card
Wish you huat huat Sis
soon wi good report cardhalleluyah ( Date: 21-Jul-2021 08:26) Posted:
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ocbc will take this opportunity from july to october 2021 to buy the remaining stake of great eastren share at below $22
halleluyah ( Date: 21-Jul-2021 08:26) Posted:
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dump in 50k yesterday b4 closing at 8pm....
PhillipTan ( Date: 21-Jul-2021 02:55) Posted:
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Great Eastern launches Singapore' s first green life insurance product
Insurer Great Eastern has launched Singapore' s first green life insurance product on July 19.The product, called GREAT Green SP, is a short-term three-year non-participating single premium endowment plan, which invests into assets to fund projects with " positive environmental benefits" .
The plan has a 1.55% per annum guaranteed yield upon maturity after three years. Customers may invest a minimum amount of $5,000 up to a maximum of $100,000, with the plan offering protection against death and total permanent disability, with no medical underwriting needed.
According to Great Eastern, its green investments finance projects in climate change mitigation, and support global and local initiatives across renewable energy producers, green buildings and the deployment of electric vehicle (EV) charging stations.
" This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people' s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial products," says group CEO Khor Hock Seng.
Great Eastern will also be donating $1,000 for every S$1 million raised from the proceeds of GREAT Green SP to local charity Zero Waste SG. This donation will support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero waste future and embracing the circular economy.
" As we make GREAT Green SP commercially available, we also want to commemorate our 113th anniversary by supporting education and advocacy around zero waste to encourage social consciousness and change our daily behaviours at home and at work to support environment-friendly practices," Khor added.
As at 12.41pm, shares in Great Eastern are down 4 cents or 0.81% lower at $21.97.
Great Eastern Q1 profit soars to $437.6m on favourable market conditions
Great Eastern posted a net profit of $437.6 million for its first quarter ended March 31, 2021, 12.9 times that of $33.9 million for the year-ago period.
This was mainly due to a higher valuation of investments amid more favourable financial market conditions for the quarter compared to the previous year, the insurance arm of OCBC said in a bourse filing on Monday (May 3).
Operating profit for Q1 fell 39 per cent year on year to $182.3 million, from $298.6 million last year due to higher new business strain in Q1 2021 and positive one-off items in the first quarter last year, Great Eastern said.
Meanwhile, non-operating profit came in at $214.7 million, reversing a loss of $222.8 million last year. The group attributed this to mark-to-market gains from favourable market conditions in Q1, compared to significant losses the previous year amid unfavorable financial market conditions due to the Covid-19 pandemic.
A $46.4 million profit net of tax from shareholders' fund was recorded by the group, reversing a $41.9 million loss last year due to mark-to-market gains amid favourable market conditions, according to Great Eastern.
The group also registered a strong total weighted net sales growth for Q1 at $383.6 million, up 28 per cent from last year' s $299.1 million. Great Eastern attributed this to sales across all markets which recorded double-digit growth compared to the same quarter last year.
Amid the growth in sales, new business embedded value grew 30 per cent to $182.2 million from $$140.4 million last year.
Group chief executive officer Khor Hock Seng noted that the group had started the year with a " good set of first quarter results" , with key operating metrics such as total weighted new sales, new business embedded value and profit attributable to shareholders registering significant growth.
" Our strong performance is anchored on our multi-channel distribution capabilities, complemented by our digital solutions and services as well as a comprehensive suite of products," Mr Khor said.
Hi everyone. Great easter dividend ex date is tomorrow. So if i sell apprtion the day after will it affect my dividend?
Great Eastern Q4 earnings rise 19% to S$341.3m on one-off tax impact
GREAT Eastern Holdings on Tuesday reported a 19 per cent increase in net profit to S$341.3 million for the fourth quarter ended Dec 31, 2020, from S$287 million a year ago.
The increase was mainly due to a one-off positive tax impact arising from the finalisation of prior years' tax assessments, said the insurance arm of OCBC in its results filing.
Operating profit for Q4 fell 56 per cent year on year to S$76.5 million for Q4 from S$173.2 million, due to provision for higher expected future insurance claims.
Non-operating profit slipped 25 per cent to S$47.6 million from S$63.7 million in the corresponding year despite partial recovery from mark-to-market losses from unfavourable market conditions in Q1 of 2020.
Profit from shareholders' fund however quadrupled to S$228.1 million from just S$54.6 million for Q4 of FY2019, due to the abovementioned one-off positive tax impact.
Total weighted new sales for the quarter rose 34 per cent to S$527.6 million from S$394.5 million the Q4 a year ago, which Great Eastern attributes to strong momentum from its Singapore and Malaysia business.
Amid the growth in sales, new business embedded value grew 42 per cent to S$274.8 million from S$193.4 million in the previous year.
Directors of the group have recommended a final dividend of 50 Singapore cents per ordinary share, unchanged from a year ago.
The final dividend will be payable on May 5 upon approval by shareholders at an annual general meeting to be convened. Including an interim dividend of 10 cents per ordinary share paid in August 2020, this would bring the total dividend for the full year to 60 cents per ordinary share.
The latest set of quarterly results brings Great Eastern' s net profit for the full year to S$960.6 million, down 4 per cent from its net profit of S$1 billion for FY2019.
The group attributes this decline mainly to the lower valuation of the group' s investments which resulted from less-favourable financial market conditions for the year, particularly in Q1 of 2020 which saw a 90 per cent drop in net profit due to non-operating losses.
" The group' s solid distribution capabilities and innovative product strategy, supported by the focused execution of our digital and technology infrastructure initiatives have put us in a position of growth this year. Our timely implementation of such initiatives has helped us overcome the business challenges brought by the Covid-19 pandemic, changed the way we operate for the better and built greater resilience," commented group chief executive officer Khor Hock Seng.
" In the near future, while uncertainties are likely to persist, we remain positive on the long-term growth potential of the markets we operate in. We will continue to strengthen our business model and build a resilient and sustainable business for the long term," he added.