Founding of Great Eastern Life Assurance Company

Great Eastern Life Assurance, the oldest licensed local insurer in Singapore, was incorporated on 26 August 1908.^[1] The company was set up with a capital of $250,000 and offered life assurance and annuity services.^[2] As the first local insurer, the company provided an alternative to those who did not want to engage the services of insurers that operated outside of Singapore.^[3]

Under its first managing director, Mr A. H. Fair (a Canadian), a significant part of the premium income received was invested in first-class industrial shares in Canada. The policy of investing in overseas assets was an opportune move that had buffered the company from the effects of the Japanese Occupation and also yielded good returns for the company after the war.^[4]

The company’s first office was located at Winchester House at Collyer Quay. In 1931, the company moved to its own premises, The Great Eastern Life Building on Cecil Street. In 1976, the head office moved to the OCBC Centre before relocating to the Great Eastern Centre at 1 Pickering Street in 2001.^[5]

References
1. Great Eastern Life Assurance. (1974). Memorandum and articles of association of the Great Eastern Life Assurance Company Limited, registered on the 26th day of August 1908. Penang: Universiti Sains Malaysia. Call no.: RCLOS 368.0065 GRE; Soe, M. (Ed.). (1985). The Singapore insurance industry: Historical perspective, growth and future outlook (p. 10). Singapore: Singapore Insurance Training Centre. Call no.: RSING 368.95957 SIN.
2. Great Eastern Life Assurance, 1974, p. 5.
3. Soe, 1985, p. 195.
4. Charting our progress. (1978, August 26). The Straits Times, p. 37. Retrieved September 16, 2013, from NewspaperSG.
5. 100 great years. (2008, August 26). The Straits Times, p. 14. Retrieved September 16, 2013, from NewspaperSG.