Media Release | 27 Dec 2010
Great Eastern Life Assurance Company Limited
Assigned 'AA-' Credit Rating by Standard & Poor's
The Great Eastern Life Assurance Company Limited wishes to announce that it has been assigned the financial strength and counterparty credit ratings of 'AA–' with a stable outlook by Standard & Poor's Ratings Services. This is one of the highest accolades given to an insurer in Asia, making it one of the highest rated financial institutions in Singapore.
Mrs Fang Ai Lian, Chairman of Great Eastern Holdings commented, "This rating reflects our very strong business profile, our superior capitalisation, and well-developed risk management framework. It is also a testament to our very strong business position within Singapore and Malaysia, our excellent branding and diversified product offerings. Our other strengths cited by Standard & Poor's included our well-diversified distribution channels with highly productive agency force and bancassurance arrangement with OCBC".
Added Mrs Fang, "This rating will be helpful in giving greater formal assurance to the various counterparties and customers with which we have regular dealings in the course of our business. It will also provide better corporate transparency to the investing community and financial markets."
About Great Eastern
Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With $53.1 billion in assets and 3.8 million policyholders, it has two successful distribution channels - the tied agency force and bancassurance. The Company also operates in China, Indonesia, Vietnam and Brunei. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank. Established in 1912, OCBC Bank is the second largest financial services group in Southeast Asia by assets. It is among the world's highest rated banks, with a long term credit rating of Aa1 from Moody's. OCBC Bank's key markets are Singapore, Malaysia, Indonesia and Greater China. It has a network of 530 branches and representative offices in 15 countries and territories, including 411 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP.
For media inquiries, please contact:
Tan Seck Geok
Head, Group Corporate Communications
Tel: + (65) 6248 2215