Great Eastern Holdings posts 19% higher 4Q20 earnings of $341.3 mil due to higher total weighted new sales and one-off positive tax impact

Great Eastern Holdings, a member of the OCBC Group, posted earnings of $341.3 million for the 4QFY2020 ended December, 19% higher than earnings of $287.0 million for the period a year ago.

The higher earnings for the quarter was buoyed by the higher total weighted new sales (TWNS) and one-off positive tax impact arising from the finalisation of prior years’ tax assessment.

The group’s earnings for the FY2020, however, fell 4% to $960.6 million from earnings of $1.00 billion for the FY2019. Great Eastern’s management attributes the overall lower earnings for the year to the lower valuation of its investments due to a less favourable financial market condition for the year, particular in 1QFY2020 compared to the same period a year ago.

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