United Overseas Insurance Limited on Thursday posted a 40.5 per cent increase in year on year net profit of $10.04 million for the fiscal second quarter ended June 30, 2012.
Gross premiums written increased 20.1% year on year to $34.2 million and net earned premiums increased 56.8 per cent to $13.40 million from a year ago, due mainly to selective increase in the group's net retention and the change in the calculation of the company's technical reserves.
Read the full story: http://www.businesstimes.com.sg/breaking-news/singapore/united-overseas-insurance-q2-profit-soar-405-1004mAuthor's comment: HSBC have recently sold their GI business in Singapore to AXA Insurance. UOB Group have sold their UOB Life business to Prudential in 2011. It would not be surprising if UOB is trying to ramp up production at their GI business in preparation for a sale later next year. As noted in the recent communication from Prudential, the UOB is rapidly becoming their dominant distributor of life insurance in both Singapore and Thailand.
