SINGAPORE, 8 June 2020 – Leading insurer Great Eastern has raised an additional $265,000 for the Community Chest in its latest employee/financial representative-led effort. This is in addition to its $200,000 corporate donation to the Community Chest’s Courage Fund earlier this February.
The online Covid-19 fund-raising effort under its Great Eastern Cares Community Fund on Giving.sg - created by the National Volunteer & Philanthropic Centre (NVPC) - was started in May during Singapore’s circuit breaker period. Through its Great Eastern Cares corporate social responsibility umbrella, the company is helping communities that have been impacted by COVID-19, especially low-income families who may have lost their livelihood and are struggling with their daily needs.
The monies raised by the company-wide effort aims to bring relief to the beneficiaries supported by AWWA, Care Corner Singapore and New Hope Community Services. Funds will go towards providing crucial support during this period through hot meals, food supplies, medicine, shelter for the displaced and hardship subsidies for those affected.
Khor Hock Seng, Group Chief Executive Officer said: “COVID-19 has significantly impacted the lives of many. As the Life Company, we believe in doing our part to support the wider community through life's uncertainties. We have taken the initiative to address the needs of our customers, employees and distribution partners, and the wider community. We hope that this latest company-wide effort will help to ease the burden for those affected and provide some support in these unprecedented times.”
Great Eastern has also provided additional assistance to customers in the markets where it operates. In February, it pledged a S$1 million COVID-19 Customer Care Fund for Singapore-based customers and their family members for hospitalisation due to the pandemic. The company further expanded this to a RM1 million Financial Assistance Programme in Malaysia, a Rp10 billion Corporate Care Fund Programme in Indonesia, and a B$50,000 support package in Brunei to help affected customers in the respective countries. Others include Deferment of Premium Payment Programmes in Singapore and Malaysia for example, to provide a grace period for customers’ life insurance premium payments to ensure their policy coverage continues uninterrupted.
To find out more about how Great Eastern engages the community, visit our Great Eastern Cares page.
About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$90 billion in assets and more than 8 million policyholders, including 5 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar.
The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by Standard and Poor's since 2010, 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 longest established Singapore bank, formed in 1932. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
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