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United Overseas Insurance’s 3Q earnings up 39% to $5.4 mil

PC Lee
PC Lee10/20/2017 06:56 PM GMT+08  • 1 min read
United Overseas Insurance’s 3Q earnings up 39% to $5.4 mil
SINGAPORE (Oct 20): United Overseas Insurance (UOI) says earnings for 3Q17 ended Sept rose 38.6% to $5.4 million from a year ago due to higher profit from non-underwriting income.
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SINGAPORE (Oct 20): United Overseas Insurance (UOI) says earnings for 3Q17 ended Sept rose 38.6% to $5.4 million from a year ago due to higher profit from non-underwriting income.

Gross premium decreased by $0.7 million or 3% to $23.7 million. Net earned premium decreased by $0.5 million or 4.3% in 3Q17 compared to 3Q16. Net claims incurred increased by $1.3 million or 34.1% to $5.1 million. Net commission was an expense of $0.3 million. Consequently, underwriting profit in 3Q17 decreased by $1.6 million or 42.7% to $2.1 million.

However, profit before tax increased to $6.5 million due to higher profit from non-underwriting income. This was due to higher realised net fair value gains on financial derivatives.

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