Media Release | 31 Oct 2011
Great Eastern Life Wins Prestigious Asia Insurance Industry "Life Insurer of the Year" Award
Great Eastern Life Assurance Co Ltd was awarded the prestigious Life Insurer of the Year Award at the 15th Asia Insurance Industry Awards Gala Dinner on 31 October 2011. The event was attended by over 600 guests from the Asia-Pacific region.
The Award is a recognition of Great Eastern's position as a market leader in Singapore and the company scored highly for:
- its good understanding of customers which has enabled Great Eastern to keep its leadership position in the face of strong competition and retaining its pole position in bancassurance for 10 consecutive years.
- its innovative spirit - it was the first to introduce an early payout critical care plan, was the first local insurer to launch a universal life plan and also the industry's first hybrid model -- Great Eastern Financial Advisers -- which combines the strength of a major insurance company and a financial advisory firm.
- its professional and most productive agency force
- its good use of technology to enhance efficiency and productivity
- excellent customer service and value-added products
- sound financial management - its asset size grew 15% to $31 billion in 2010. Standard & Poor's accorded Great Eastern one of the highest ratings for insurers in Asia.
Commented Dr Khoo Kah Siang, General Manager (Singapore), "This is indeed a great honour for Great Eastern and I would like to thank the panel of judges and Asia Insurance Review for this wonderful recognition. We have been serving the insurance needs of Singaporeans for 103 years and have always put customers at the heart of everything we do. This accolade would not have been possible without the hard work and dedication of every member of the Great Eastern family and the Award will spur us to even greater heights as we continue to better serve our customers and strive to be the industry benchmark."
About Great Eastern
Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With S$54 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 Life Assurance Company Limited has been assigned the financial strength and counterparty credit ratings of 'AA-' by Standard & Poor's, which is one of the highest among Asian life insurance companies. 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, the second largest financial services group in Southeast Asia by assets. It is one of the world's most highly-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 over 500 branches and representative offices in 15 countries and territories, including more than 400 branches and offices in Indonesia operated by its subsidiary, Bank OCBC NISP.
For more information, please contact:
Tan Seck Geok
Head, Group Corporate Communications
Tel: + (65) 6248 2215