However, non-underwriting income increased around 15% y-o-y to $16.6 million attributable to higher dividend income through proactive management underpinned by strong investment performance. Combined with a tax refund, net profit increased despite the weaker insurance service net result.
Mainboard-listed United Overseas Insurance (UOI) has reported a net profit of $32.3 million for FY2025 ended Dec 31. This is around $2.5 million or 8% higher than FY2024’s $29.8 million.
Revenue for its insurance business saw an increase of around 2% to $115.4 million, driven by retail and reinsurance which was supported by growth across key business lines, new partnerships and transformation initiatives. Mostly due to higher incurred claims and transformation expenses, insurance service expenses rose y-o-y by 14.7% from $64 million to $73.4 million. Including a $3.4 million or 11% dip in net expenses from reinsurance contracts (attributed to higher claim recoveries and increased net retention), the net insurance service and financial result decreased by 21% to $15.3 million.
