UOI 9M 2022 net profit falls 38.7%
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UNITED Overseas Insurance (UOI), the general insurance arm of UOB, reported a 38.7 per cent fall in net profit at S$10.5 million for the first nine months of 2022, down from S$17.1 million in the previous corresponding financial period.
Net underwriting profit, however, increased by 1.6 per cent to S$12.4 million, as management expenses lowered by 0.6 per cent to S$11 million.
This was due to savings from office leases at Springleaf Tower after UOI moved to its new headquarters at Robinson Road in Q4 2021, the group noted in a bourse filing on Thursday (Nov 3).
In underwriting expenses, net claims incurred increased by 19.5 per cent to S$10.13 million, while net commission income fell 0.31 per cent to S$1.3 million.
“Higher claims were incurred in employers’ liability, other accident, marine and reinsurance lines of business,” the group noted.
Net asset value per share fell to S$6.72, from S$7.14 previously.
Shares of UOI closed flat at S$6.33 on Nov 3, before the announcement was made.
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