UOI 9-month comprehensive income rises 34.9% to S$40.6 million on investment gains

[SINGAPORE] United Overseas Insurance (UOI), the general insurance arm of UOB, reported a 34.9 per cent increase in total comprehensive income to S$40.6 million for the nine months ended Sep 30, from S$30.1 million in the year-ago period.

The improvement was mainly driven by “significant” marked-to-market gains on equity and fixed-income investments, the insurer said in a business update on Thursday (Oct 23).

Insurance revenue for the period rose 7.9 per cent to S$85.7 million, compared with S$79.4 million previously. Non-underwriting income climbed 33 per cent to S$13.7 million, from S$10.3 million in the same period last year.

However, net insurance service and financial results fell 56.8 per cent to S$5.1 million.

“The decrease for the period primarily reflects our planned strategic growth investment expenses, higher claims from natural catastrophe and proactive provisioning as we expand our distribution across the region,” UOI said.

Shares of UOI closed 1 per cent or S$0.08 higher at S$7.78 on Thursday, before the announcement.