Great Eastern Holding

[greengiraffe]

Latest Embedded Value (EV) as of 31 Dec 12 - S$18.18.

At 1.5x EV, GE fairly valued S$27.27?

Only OCBC can shed light on the fate of GE.

GG

[Drizzt]

actually comparing great easter to UOI, have you guys ever analyse which products favors the house more which are essentially hard to estimate the risk? i suppose there is alot of talk of all these universal life plans which are essentially not favorable to the insurance companies.

[toiletsiao]

actually comparing great easter to UOI, have you guys ever analyse which products favors the house more which are essentially hard to estimate the risk? i suppose there is alot of talk of all these universal life plans which are essentially not favorable to the insurance companies.

UOI sells general insurance like fire insurance, travel insurance,mortgage insurance etc... it is not really a Great Eastern per se... essentially UOI is a subset of Great Eastern .... UOB's life insurance unit is sold to prudential a few yrs ago...

[thefarside]

It will also be interesting to see if the list has fractured since 2011 in the coming annual report - given the speculation that Marathon might have exited.

Based on 2012 AR and 2011 AR. 2012 AR shareholder list was as of 04 Mar 2013.

Top 20 total in 2011 - 458,293,552 shares
Top 20 total in 2012 - 453,859,183 shares
Incr / (Decr) - (4,434,369) shares

Bridging from 2011 total to 2012 total
2011 - 458,293,552 shares
Same holdings - 425,437,990 shares by 11 shareholders
Increased holdings - 14,000 shares by 1 shareholder
Reduced holdings - (4,229,492) shares by 6 shareholders
Out of 2011 list - (1,088,757) by 2 shareholders
New to 2012 list - 869,880 by 2 shareholders

Nominee companies showed a decrease of 4,161,492 shares. Would this be considered a fracturing? Most of the sales appear to have been picked up by shareholders in the 10,000 - 1,000,000 shares category...

Interestingly Asia Chemical (holding 658,677 shares in 2011) is out of the list. Have not gone far back enough to see how permanent they were.

[Drizzt]

actually comparing great easter to UOI, have you guys ever analyse which products favors the house more which are essentially hard to estimate the risk? i suppose there is alot of talk of all these universal life plans which are essentially not favorable to the insurance companies.

UOI sells general insurance like fire insurance, travel insurance,mortgage insurance etc... it is not really a Great Eastern per se... essentially UOI is a subset of Great Eastern .... UOB's life insurance unit is sold to prudential a few yrs ago...

Ah thanks. Some how i feel that general insurance when it comes to net premiums net of claims should provide a better margins then life insurance policies (qualititative speaking no data crunching)

wonder if there will be an issue where great eastern will not be able to meet the guaranteed payouts due to lacklusture investments.

[greengiraffe]

GE Top 20 analysis:

http://www.greateasternlife.com/sg/en/pd...rt2012.pdf - page 197

http://www.greateasternlife.com/sg/en/pd...rt2011.pdf- page 180

Total top 20 holdings fell by 4434369 shares.

Only Wong Hong Sun raise his stake by 14000 shares. Mr Yeo Kok Seng and Mrs Suasti Nellie Nee Wong emerged as new top 20 holders.

Reductions were chiefly noted amongst nominees - ie institutions. Could be related to paring of stake by Hosking at Marathon.

No clear trends since other than OCBC, no single holder needs to declare movement as they do not own more than 5% stake.

[greengiraffe]

OCBC's tightly controlled black box:

http://info.sgx.com/webcoranncatth.nsf/V...7003F36DB/$file/GEH_2013_Q1_SGX_Announcement.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/V...7003F36DB/$file/GEH_2013_Q1_Supplementary_Info.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/V...7003F36DB/$file/GEH_2013_Q1_GEH_Media_Release.pdf?openelement

[greengiraffe]

Great Eastern Holdings not looking for M&A activities, CEO says
Ranina Sanglap
180 words
7 May 2013
SNL Insurance M&A
INSMA
English
Copyright 2013. SNL Financial LC
Great Eastern Holdings Ltd. CEO Chris Wei said the company will not pursue M&A activities at the moment as valuations are too high, Malaysia's The Star reported April 22.

He told reporters that it is not the right time to look for M&A deals as it might not be "value accretive" for the company's shareholders.

He noted that the Southeast Asian insurance industry is at an attractive growth phase where valuations are higher. Asia is also one of the more appealing markets for investors compared to Europe and the U.S.

Great Eastern will continue to look at opportunities in Indonesia, Vietnam and others, Wei said, but any possible acquisition must bring in value to the company and help its capabilities in newer markets.

Wei declined to comment on AIA Group Ltd.'s acquisition of ING Groep NV's Malaysian insurance unit, a deal that would see the merged entity overtake Great Eastern as the largest life insurer in Malaysia.


SNL Financial LC

Document INSMA00020130510e9570003y

[kbl]

WBL game over. Good for GE

http://info.sgx.com/webcoranncatth.nsf/V...A00342755/$file/NewsRelease.pdf?openelement

[Gallen]

WBL game over. Good for GE

http://info.sgx.com/webcoranncatth.nsf/V...A00342755/$file/NewsRelease.pdf?openelement

Congratulations GE Substantial Shareholder, Biggest Boss Sir Kbl-san