, Singapore
563 views
/Catrin Johnson from Unsplash

Great Eastern's Q4 sales surge ‘read across’ to AIA, Prudential

Jefferies Equity Research said bancassurance played a significant role in driving this growth.

Great Eastern Life saw its total weighted new sales (TWNS) in Singapore surged by 27% year-on-year (YoY) in the fourth quarter (Q4’23), continuing a trend of growth from the third quarter. Malaysian sales also saw an increase, contributing to an overall sales growth of 17%. 

Bancassurance played a significant role in driving this growth, indicating successful competition with banks, according to a Jefferies Equity Research report.

These positive sales figures from Great Eastern are indicative of a favourable trend for both AIA and Prudential, which have substantial exposure in Malaysia and Singapore. 

Prudential's group APE saw growth of 6.3% YoY and 13.1% YoY, whilst AIA's group ANP increased by 6.7% YoY and 6.6% YoY respectively.

ALSO READ: Great Eastern’s weighted new sales dip, earnings soar in 2023

Despite a strong Q$’23, both Singaporean and overall sales for Great Eastern Life remain lower for the full year due to decreased single premium sales in the first half of the year.

Similarly, Malaysian sales rebounded in the fourth quarter, with TWNS up by 5% YoY. 

However, growth was dampened by currency weakening, with sales growth on a constant currency basis showing more substantial increases. 

Notably, the acquisition of AmMetLife Insurance and AmMetLife Takaful is expected to accelerate Malaysian bancassurance growth in the future.

Despite improved sales, margins continued to deteriorate due to lower margins in the Singapore business. 

Whilst Malaysian margins improved YoY, overall margins decreased from 49.8% to 44.2% in the quarter.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!