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United Overseas Insurance Q2 net profit falls 16% to S$6.9m

UNITED Overseas Insurance (UOI)'s second-quarter net profit fell 15.5 per cent to S$6.9 million from the previous year, the group said in a Singapore Exchange filing on Wednesday evening.

Gross premium written slipped 0.9 per cent to S$29.5 million.

Annualised earnings per share was at 45.12 Singapore cents, down from 53.42 Singapore cents the same quarter a year ago.

For the first half of 2018, gross premium written fell 3.5 per cent to S$56.7 million, while net profit fell 24.8 per cent to S$11.4 million.

The fall in gross premium in the first half of the year was mainly due to market-wide erosion of premium rates and the company's risk-control efforts to "weed out unprofitable business and catastrophe-prone offshore insurance accounts", the general insurer said.

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Annualised earnings per share for the first half of the year fell to 37.33 Singapore cents, down from 49.62 Singapore cents.

UOI shares remained unchanged and closed at S$6.60 on Wednesday.

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