Correspondingly, net earned premium decreased 4.5% to $41.4 million as compared to that of the preceding year. Net claims incurred increased by 1.0%.
SINGAPORE (Feb 12): United Overseas Insurance reported a 27.7% drop in FY18 earnings to $23.8 million from $32.9 million a year ago.
Gross premium decreased 0.5% to $103.3 million due mainly to market-wide erosion of premium rates and the company's risk control efforts to weed out unprofitable businesses and catastrophe-prone offshore insurance accounts.
