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RAM Ratings assigns first-time AAA rating to Great Eastern Labuan Company Limited
Published on 12 Aug 2026.
RAM Ratings has assigned AAA/Stable/P1 insurer financial strength ratings to Great Eastern Labuan Company Limited (GELL or the Insurer), a wholly owned subsidiary of Great Eastern Holdings Limited (GEH or the Group). GEH is a leading insurance group in Singapore and Malaysia and is 93.7%-owned by Overseas-Chinese Banking Corporation Limited (OCBC Ltd).
The ratings are aligned with GEH’s, reflecting a ‘very high’ likelihood of extraordinary parental support given the Insurer’s strategic role as the Group’s offshore life insurance and reinsurance platform, and strong operational and governance linkages with the Group. Incorporated in July 2025, GELL complements the Group’s broader protection and wealth proposition through foreign-currency solutions while supporting the Group’s asset-liability management objectives through reinsurance activities. GELL also benefits from shared back-office infrastructure and group oversight of key functions including risk management, treasury and capital management, which reduces execution risk associated with newly established insurers.
While GELL’s standalone credit profile is constrained by its limited operating history and the lack of a track record in offshore life insurance, these are partly mitigated by GEH’s extensive expertise and execution capabilities in wealth solutions and life protection products. The Insurer’s earnings will initially be driven by its reinsurance treaty with Great Eastern Life Assurance (Malaysia) Berhad (GELM), which provides a stable earnings base and helps mitigate the impact of reserving requirements and acquisition costs that typically weigh on the earnings of early-stage insurers. This enables profitability from inception, although earnings performance will remain dependent on GELL’s ability to scale the offshore life business while maintaining underwriting and pricing discipline.
Currency and asset-liability duration mismatches are also key risks, as the Insurer lengthens the duration of the inward-reinsured ringgit-denominated portfolio with foreign assets. These risks are mitigated by hedging strategies, active duration-gap monitoring and group-level oversight of asset-liability management.
GELL expects to maintain healthy capital buffers, with its capital adequacy ratio staying comfortably above internal and supervisory target capital levels as the business grows (end-March 2026: 300%-350%). We anticipate growth to be measured, supported by technical resources from its sister company GELM, which has a strong operating track record.
Analytical contacts
Loh Kit Yoong
(603) 2708 8285
kityoong@ram.com.my
Sophia Lee
(603) 2708 8211
sophia@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2026 by RAM Rating Services Berhad
