UOI profit before tax decline 2% to $22.1m in 9M2024

Still, its insurance revenue rose by 14% to $79.4m.

United Overseas Insurance (UOI) has reported a 2% decrease in its profit before tax for the nine months ended 30 September 2024, totalling $22.1m.

The decline was attributed to a drop in net insurance service and financial results, despite being partially offset by robust investment returns fueled by positive market sentiment.

For the same period, UOI recorded a net insurance service and financial result of $11.8m, a 9% year-on-year decline. This was largely due to increased insurance service expenses, including higher acquisition costs and incurred claims.

Meanwhile, insurance revenue rose by 14% to $79.4m, largely due to a higher release of the contractual service margin for services provided in tandem with overall top line growth.

Moreover, the company’s total comprehensive income after tax surged by 63% to $30.1m, buoyed by higher valuations in the company's equity and bond portfolios, supported by favourable market conditions and recent interest rate cuts.

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