UOI reports loss of S$18.7m for H1 2022 

UNITED Overseas Insurance (UOI), the general insurance arm of UOB, reported a loss of S$18.7 million for H1 2022 from its profit of S$27.2 million in H1 2021.

An interim dividend of S$0.085 per share has been declared.

Underwriting profit for the period rose 8.5 per cent to S$8.8 million from S$8.1 million a year prior. This was driven by an increase in premiums for the property and reinsurance classes of insurance.

However, this was dragged by H1 2022 non-underwriting income recording a loss of S$3.3 million, from a gain of S$5.6 million due to realised and unrealised losses from investments. Other comprehensive income for H1 2022 also weighed down UOI, recording an unrealised loss of S$23.4 million, compared to an unrealised profit of S$15.6 million a year ago. This was driven by a weakening of the global equities and fixed-income markets from negative sentiments, rising inflation and geo-political tensions.

UOI has warned that insurance markets globally are facing headwinds from inflation, geo-political conflicts and the worsening impact of climate change. The company will continue its focus on digitalising its capabilities and its insurance intermediary business, as well as calibrating its investment strategies for long-term growth.

Shares of UOI closed unchanged at S$6.69 on Jul 27.