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United Overseas Insurance (UOI) on Tuesday posted a 20.8 per cent drop in first quarter FY2015 net profit to S$9.36 million.
Annualised earnings per share came up to 59.74 Singapore cents in Q1, up from 58.86 cents in the year-ago period.
Gross premiums written for the quarter slid 4.5 per cent to S$29.3 million while net earned premiums inched up 1 per cent to S$11.9 million.
Net claims incurred fell by 17.8 per cent to S$2.85 million.
Underwriting profit rose 21.5 per cent to S$6.88 million for the three months from January.
The group recorded a lower non-underwriting income of S$4.26 million, down 49.8 per cent, largely due to a one time investment gain last year.
Net asset value per share grew to S$5.15 as at end March, compared to S$4.96 as at end December.
On its prospects, UOI said it has become harder to grow the business in a matured and highly competitive market.
"Despite signs of economic recovery globally, numerous unpredictable dynamic factors would likely persist to affect the operating environment and profitability."