For the first half of this year, net profit dropped 56.7 per cent to S$8.6 million while gross premium ticked down by 3.2 per cent to S$56.6 million, mainly due to lower business activities caused by the novel coronavirus pandemic.Management expenses decreased by 4.4 per cent to S$6.5 million, given the financial support for employers under the government’s Jobs Support Scheme and lower call-centre expenses during Singapore’s “circuit-breaker” period.
Overall, UOI sank into a total comprehensive loss of nearly S$3 million for H1 2020, versus a total comprehensive income of S$36.2 million a year ago, due mainly to “unfavourable” investment market conditions. “Claims experience may worsen given the prevailing adverse business conditions and severe weather conditions brought about by climate change,” UOI said.