12 July 17 The Business Times by SOON WEILUN
GREAT Eastern Holdings has rebranded its general insurance arm as it looks to turn it into a significant source of growth for the group, with operations to follow suit in Malaysia at the end of August.
The composite insurer said in a Tuesday morning release that the arm, once known as Overseas Assurance Corporation (OAC), has been rebranded as Great Eastern General Insurance (GEG) in Singapore. Operations in Malaysia will follow suit by the end of August, it added.
The rebranding is part of the company's strategy to strengthen its focus to further build its general insurance business into a significant pillar of growth for the group, said the release.
Khor Hock Seng, group chief executive of Great Eastern Holdings had previously told The Business Times that the move would further boost synergies and operational efficiencies across the group. It would also enable the insurer to strategically and more explicitly position OAC as the general insurance arm of the group.
The insurer said OAC policyholders would continue to enjoy the same benefits and coverage, and that all existing policies and certificates remain unchanged.
The changes follow the reorganisation of the group last year. In May 2016, Mr Khor had said that the reorganisation was "to support our key strategies" in bancassurance and general insurance. Back then, he had indicated that more attention would be given to the group's general insurance business, unlike in previous years.