UOI Posts 51.5% Profit Surge Despite 6.8% Revenue Decline
United Overseas Insurance posts 51.5% profit jump to SG$23.7M despite 6.8% revenue decline, driven by investment gains and disciplined portfolio management across Asia markets.
United Overseas Insurance (UOI) reported a net profit of SG$23.7 million (~US$17.5 million) for the second half of fiscal year 2025, a 51.5% jump from SG$15.6 million (~US$11.5 million) in the same period a year earlier, even as core insurance revenue fell 6.8%.
Investment Income Offsets Underwriting Pressure
UOI's insurance revenue declined to SG$58.3 million (US$43 million) in H2 2025, reflecting market challenges and pricing pressures. Yet the company's bottom line surged, driven by non-underwriting income that rose 69.4% to SG$11.1 million (US$8.2 million).
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UOI attributed the gain to "disciplined investment management amid favourable market conditions." Net expenses from reinsurance contracts also fell 21.7% during the period, helping preserve margins even as the net insurance service and financial result slipped 7.7% to SG$10.3 million (~US$7.6 million).
For the full year, net profit reached SG$32.3 million (~US$23.8 million), up 8.4% year-over-year. Earnings per share rose to SG$0.5281 from SG$0.4874 in FY2024.
Investment Gains Drive Comprehensive Income to SG$67.5 Million
The most striking figure in UOI's full-year results sits above the net profit line. Total comprehensive income jumped 72.6% to SG$67.5 million (US$49.8 million), more than double the reported net profit of SG$32.3 million (US$23.8 million).
Unrealized investment gains of SG$35.2 million (~US$26 million) drove the increase. UOI cited "resilient financial markets and moderating inflationary pressures" as creating valuation gains across asset classes during 2025.
This pattern is not new. In FY2024, non-underwriting income had already grown 35% to SG$14.4 million (~US$10.6 million), driven by fixed deposit interest and dividend income. The FY2025 results represent an acceleration of that multi-year trend.
Dividends Rise as Singapore Dominates Revenue Base
UOI's board recommended a final dividend of SG$0.195 per share (~US$0.144). Combined with an interim dividend of SG$0.07, total FY2025 dividends reached SG$0.265 per share (~US$0.196), a 15.2% increase from SG$0.23 in FY2024.
Singapore remained UOI's dominant revenue market, generating SG$95.5 million (US$70.5 million) of full-year insurance revenue. ASEAN markets including Thailand, Malaysia, Indonesia, and Vietnam contributed SG$11.9 million (US$8.8 million), while other regions added SG$8 million (~US$5.9 million).
UOI noted that "rising risk awareness and accelerating digital adoption across the region present significant growth opportunities," pointing to regional expansion as a future priority alongside its ongoing hybrid distribution model combining human and digital channels.
Company Background and Balance Sheet
UOI is the insurance subsidiary of UOB and carries total assets of SG$604.25 million (~US$446 million) with equity of SG$468.74 million (~US$346 million). Its trailing 12-month net profit margin stands at 17.11%, with a return on investment of 5.28%.
The FY2025 results follow a year in which UOI's insurance revenue grew 20.2% to SG$113.5 million (US$83.8 million) in FY2024, providing context for the current period of top-line contraction. Full-year FY2025 [insurance revenue reached SG$115.4 million (US$85.2 million)](https://www.marketscreener.com/news/united-overseas-insurance-logs-fy-insurance-revenue-sgd-115-437-mln-ce7e5ddddf8bfe23?utm_source=missionmedia&utm_medium=blog) across all segments.
UOI's next scheduled financial disclosure has not been announced as of publication.
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