Great Eastern Strengthens Sustainability Push with Singapore’s first Green Life Insurance product
SINGAPORE, 19 July 2021 – Leading insurer Great Eastern is deepening its commitment towards being a sustainability-driven company in the financial services sector with the launch of the first green life insurance product in Singapore – GREAT Green SP. Available from today, this industry-first short-term endowment policy invests its portfolio assets to achieve significant positive environmental impact.
Our green investments finance projects in climate change mitigation, and support global and local initiatives across diverse areas such as renewable energy producers, green buildings and the deployment of electric vehicle (EV) charging stations, which contribute to a better environment for all.
Group Chief Executive Officer Khor Hock Seng said: “This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people’s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial products. We are pleased to provide customers with access to such green insurance solutions, starting with GREAT Green SP, which enables them to make a positive difference to the environment with their financial decisions.”
Great Eastern will also be helping Singaporeans better understand how they can play a role in protecting the environment by donating S$1,000 for every S$1 million raised from the proceeds of GREAT Green SP to a local charity, Zero Waste SG. This donation will support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero waste future and embracing the circular economy.
“As we make GREAT Green SP commercially available, we also want to commemorate our 113th anniversary by supporting education and advocacy around zero waste to encourage social consciousness and change our daily behaviours at home and at work to support environment-friendly practices,” Mr. Khor added.
About GREAT Green SP :
GREAT Green SP is a three-year single premium endowment plan with 1.55% p.a. guaranteed yield upon maturity. Customers may invest a minimum amount of S$5,000 up to a maximum of $100,000. The plan offers protection against death and total permanent disability1, with no medical underwriting needed. Customers may purchase the endowment plan from Great Eastern’s website, via its financial representatives, or through OCBC Bank. The offer is available for a limited period only.
1. Death and Total and Permanent Disability (TPD) benefit is equivalent to 105% of single premiums paid;
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 10 million policyholders, including 7.5 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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Lynette Wong/Jinnie Nguyen
BlueCurrent Group for Great Eastern
VP, Group Corporate Communications
AVP, Group Corporate Communications