United Overseas Insurance hit by falling margins

Singapore

HIGHER management expenses and lower net commission income hit general insurer United Overseas Insurance (UOI), which reported profit before tax of $5.2 million for its fourth quarter ended Dec 31, 2013, down 18.3 per cent from a year ago.

Gross premium written increased 8.3 per cent to $21.5 million. Net profit for the quarter was not disclosed.