UOI net profit down 0.6% in Q1

SINGAPORE - United Overseas Insurance (UOI) has posted a net profit of S$7 million in the first quarter, down 0.6 per cent from the same period a year ago on lower underwriting profits.

In the three months ended March 31, gross premiums written fell 4.9 per cent to S$28.9 million, due largely to timing difference in premium declarations.

However, there was no apparent significant loss in business, UOI said.

Earnings per share was 45.82 cents, down from 46.09 cents in the first quarter a year ago.

Net asset value per share was S$5.74 as at March 31, up from S$5.48 as at Dec 31.

UOI said it will continue to face challenges given economic uncertainty and intensifying competition in the local insurance market.

"Given its advantage in bancassurance and other promising marketing initiatives, the Company expects performance to remain satisfactory," UOI said.