Thursday, February 22, 2018

Great Eastern mulls expansion in Indonesia, Thailand

Great Eastern Life is studying the prospect of expanding into Indonesia and Thailand.

The insurer’s goal is specific: it hopes to become one of the 10 biggest insurers in Indonesia within the next five years.

Group chief executive officer, Khor Hock Seng, said the expansion will likely come through the bancassurance channels offered by OCBC’s distribution network in Indonesia, as well as through other partnerships with banks there.

During the fourth quarter of 2017, the group’s net profit reached S$423.6 million, thanks to stronger insurance sales and gains from the sale of investments.

 

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