United Overseas Insurance revenue rises 6% YoY in Q1’24

The company saw its net earnings reach $8m during the quarter.

United Overseas Insurance saw its revenue increase 6% year-on-year (YoY) to US$23.7m, driven by its business growth with the parent bank and intermediaries.

Likewise, its net insurance financial result surged 46% YoY to US$3.8m due to overall revenue growth across various business lines.

Income from other sources nearly doubled (91%) from the same period last year to US$4.2m, attributable to higher dividend and interest income and mark-to-market gains from investments.

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Earnings before tax surged 67% YoY to US$8m, influenced by improved insurance service results and favourable market conditions driving higher investment returns.

Shareholders equity accumulated US$444.9m, which was up 4.9% YoY. Additionally, total assets inched up 2.2% YoY to US$589.5m.