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MAS Insurance Company Return · FY2024

Great Eastern Life

As filed with the Monetary Authority of Singapore. This page mirrors the insurer's own statutory return: the balance sheet (Form A1), the revenue account (Form A2) and capital adequacy (Form A4). Every figure is broken out by insurance fund, with the company total in the last column — a fund figure is not the company's. Amounts in Singapore dollars, exactly as filed.

Financial yearFY2025FY2024FY2023FY2022FY2021FY2020FY2019

At a glance

Company total, FY2024
Total assets
S$77.64bn
Form A1, line 27
Policy liabilities
S$68.15bn
Form A1, line 28
Net assets
S$3.87bn
assets − liabilities
Capital adequacy
162.6%
Form A4 · RBC2 · min 100%
Gross premiums
S$12.84bn
Form A2, line 1
Net premiums
S$12.42bn
of reinsurance
Investment income
S$3.54bn
Form A2, line 22
Net income
S$122.6m
after tax

Capital adequacy

Form A4, FY2024
Capital adequacy ratio
162.61%
RBC2 · MAS requires at least 100%
Financial resources
S$18.28bn
capital available
Total risk requirements
S$11.24bn
capital MAS requires

Financial resources ÷ total risk requirements: Great Eastern Life held 1.63× the capital MAS requires against its risks.

Balance sheet

Form A1 — statement of assets and liabilities
LineParticipatingNon-participatingInvestment-linkedShareholders (life)Non-insuranceTotal
Assets
Equity securities5S$19.74bnS$1.95bnS$5.39bnS$152.9mS$1.49bnS$28.72bn
Debt securities9S$27.96bnS$10.80bnS$637.1mS$227.5mS$1.13bnS$40.75bn
Cash and deposits10S$937.3mS$434.5mS$58.3mS$83.0mS$98.7mS$1.61bn
Other investments11S$250.6mS$298.2mS$7.0mS$1.2mS$26.6mS$583.6m
Loans15S$1.63bnS$101.3m—S$21.4mS$316.8mS$2.07bn
Property, plant and equipment18S$1.93bnS$144.9mS$2kS$1.7mS$2.0mS$2.08bn
Outstanding premiums19S$36.7mS$174.1m—S$719k—S$211.5m
Reinsurers’ share of policy liabilities21S$-13.0mS$526.4mS$171kS$498k—S$514.0m
Other assets26S$797.8mS$151.3mS$49.3mS$8.5mS$24.8mS$1.03bn
Total assets27S$53.40bnS$14.63bnS$6.14bnS$502.2mS$3.13bnS$77.64bn
Liabilities
Policy liabilities (gross of reinsurance)28S$49.08bnS$13.01bnS$5.65bnS$410.0m—S$68.15bn
Outstanding claims29S$2.83bnS$219.0mS$11.8mS$9.1m—S$3.07bn
Financial liabilities34S$609.1mS$72.7mS$7.6mS$3.7mS$514.3mS$1.21bn
Other liabilities38S$707.4mS$308.8mS$134.9mS$10.1mS$101.6mS$1.26bn
Total liabilities39S$53.26bnS$13.71bnS$5.87bnS$433.3mS$666.2mS$73.78bn
Net assets & equity
Net assets (assets − liabilities)40S$141.4mS$924.4mS$268.9mS$68.9mS$2.46bnS$3.87bn
Paid-up capital41————S$97.2mS$97.2m
Surplus / retained earnings42S$141.4mS$924.4mS$268.9mS$68.9mS$2.36bnS$3.77bn
Other reserves43——————
Total equity44S$141.4mS$924.4mS$268.9mS$68.9mS$2.46bnS$3.87bn

Profit & loss

Form A2 — revenue account
LineParticipatingNon-participatingInvestment-linkedShareholders (life)Non-insuranceTotal
Premiums
Gross premiums1S$4.64bnS$7.03bnS$1.14bnS$30.7m—S$12.84bn
Less: outward reinsurance premiums2S$15.0mS$392.3mS$12.5mS$375k—S$420.1m
Net premiums written3S$4.62bnS$6.64bnS$1.13bnS$30.3m—S$12.42bn
Claims & policy liabilities
Gross claims settled4S$4.72bnS$9.97bnS$588.6mS$17.1m—S$15.29bn
Less: reinsurance recoveries5S$6.3mS$255.9mS$12.4mS$303k—S$274.9m
Net claims settled6S$4.72bnS$9.71bnS$576.1mS$16.8m—S$15.02bn
Increase / (decrease) in policy liabilities7S$1.30bnS$-2.63bnS$972.2mS$38.1m—S$-316.4m
Expenses
Management expenses16S$148.1mS$164.4mS$46.0mS$2.1mS$49.6mS$410.2m
Distribution expenses17S$260.4mS$288.2mS$203.2mS$1.9m—S$753.7m
Other expenses19S$39.2mS$22.1mS$6.9mS$103kS$4.6mS$73.0m
Total outgo20S$1.75bnS$-2.41bnS$1.23bnS$42.0mS$55.2mS$670.9m
Result
Other income21S$7.2mS$452kS$3.1mS$408kS$3.7mS$14.9m
Net investment income22S$2.12bnS$716.9mS$689.4mS$28.2mS$-8.9mS$3.54bn
Net income before tax23S$277.3mS$54.8mS$18.7mS$156kS$-60.4mS$290.5m
Taxation24S$135.8mS$-1.8mS$5.8mS$539kS$27.5mS$167.9m
Net income after tax25S$141.4mS$56.6mS$12.9mS$-383kS$-87.9mS$122.6m

Capital across the years

Capital adequacy, as filed
YearCARFinancial resourcesRisk requirementsBasis
FY2019253.57%S$13.84bnS$5.46bnRBC1
FY2020166.78%S$17.33bnS$10.39bnRBC2
FY2021174.21%S$19.64bnS$11.27bnRBC2
FY2022167.43%S$16.53bnS$9.87bnRBC2
FY2023183.73%S$18.50bnS$10.07bnRBC2
FY2024162.61%S$18.28bnS$11.24bnRBC2
FY2025172.57%S$20.12bnS$11.66bnRBC2

MAS changed the capital framework from FY2020 (RBC1 → RBC2) and risk requirements are computed differently under each. The step at the changeover is a change of basis, not a fall in capital — do not read the two as one series.

Business written & persistency

MAS annual statistics, FY2024

This section comes from a different MAS publication — the annual insurance statistics — which covers the Singapore Insurance Fund onlyand runs a year behind the statutory return above. Amounts are in S$'000, and the figures are not directly comparable with the company totals above.

2-yr persistency
98.2%
as filed (table L11)
Policies in force
5,185,452
Surrenders
31,739
Lapses
1,045

Individual business by product type

CategoryNew policiesNew annual prem.Policies in force
Whole life56,854S$638,398k843,212
Endowment91,434S$31,162k486,921
Term98,166S$43,537k2,271,200
Accident & health138,713S$164,438k1,577,369
Annuity0S$0k6,750
Other0S$19,038k0

Group business by product type

CategoryNew policiesNew annual prem.Policies in force
Term439S$12,000k1,903
Accident & health1,533S$100,185k5,285
Other0S$35,565k2

Source: Monetary Authority of Singapore. Balance sheet, revenue account and capital adequacy from Great Eastern Life's Insurance Company Return for FY2024 (Forms A1, A2 and A4); business mix and persistency from the MAS annual insurance statistics for FY2024. All figures are as filed by the insurer and are reproduced without adjustment. This site is not affiliated with MAS.