United Overseas Insurance Limited (UOI): FY2025 Financial Analysis
United Overseas Insurance Limited (UOI), listed on the Singapore Exchange, has released its audited financial results for the year ended 31 December 2025. The report provides a comprehensive overview of the company’s performance, dividend announcements, segment results, and prospects. Below, we analyze the key highlights for investors.
Key Financial Metrics & Comparative Performance
| Metric |
FY2025 (2H) |
FY2025 (1H) |
FY2024 (2H) |
YoY Change (2H) |
QoQ Change |
| Insurance Revenue |
\$58,265,000 |
\$57,172,000 |
\$62,536,000 |
-7% |
+2% |
| Profit After Tax |
\$23,660,000 |
\$8,638,000 |
\$15,613,000 |
+52% |
+174% |
| EPS (cents) |
77.38 |
– |
51.06 |
+52% |
– |
| Total Comprehensive Income |
\$56,079,000 |
\$11,442,000 |
\$26,994,000 |
+108% |
+390% |
| Dividend (Final + Interim) |
26.5c/share |
7.0c/share (interim) |
23c/share (2024 total) |
+15% |
– |
| Net Asset Value/Share |
\$8.55 |
– |
\$7.66 |
+12% |
– |
Historical Performance Trends
UOI’s insurance revenue grew 2% year-over-year, led by retail and reinsurance business. However, insurance service expenses increased by 15% due to higher claims and transformation costs. The net insurance service result declined by 21%, but this was offset by a surge in non-underwriting income, up 15% YoY, driven by strong investment performance and higher dividend income. Other comprehensive income saw a remarkable increase, up 278% YoY, mainly from unrealized investment gains amid favorable market conditions.
Dividend Announcements
The Board recommends a final dividend of 19.5 cents per share (one-tier tax-exempt), up from 8.5 cents (final) and 6.0 cents (special) last year. Including the interim dividend of 7.0 cents per share, FY2025 total dividends reach 26.5 cents per share, up 15% from 23 cents in FY2024. This translates to a total net dividend payment of \$16.2 million, compared to \$14.1 million last year. If approved, the final dividend (\$11.9 million) will be paid on 22 May 2026.
Exceptional Earnings & Expenses
Profit after tax increased 8% YoY, supported by both net insurance and non-underwriting income, as well as a tax refund from prior assessments. The company saw a substantial unrealized profit in other comprehensive income, driven by resilient financial markets and moderating inflation. No unusual or exceptional expenses were disclosed, and no errors or inconsistencies in the financials were noted.
Asset Revaluation
Investment property was revalued by an independent expert, resulting in a fair value loss of \$921,000 for FY2025. The property remains classified as Level 3 within the fair value hierarchy, based on direct comparison methodology.
Chairman’s Statement
“2025 was a year of resilience and strengthening. Despite global uncertainties and evolving risk landscapes, GDP growth remained stable across our key ASEAN markets of Singapore, Thailand, Malaysia, Indonesia and Vietnam. This sustained momentum in ASEAN markets, coupled with rising risk awareness and accelerating digital adoptions, provides significant growth opportunities for UOI. The rise of middle-income consumers and ongoing urbanisation are driving sustained growth in retail insurance demand, while rapid digitalisation and the increasing use of digital payments enable more scalable and efficient distribution models. In parallel, infrastructure development and manufacturing activity continue to generate strong demand from commercial and SME segments. Building on the early execution of our strategic transformation in 2024, we anchored our 2025 priorities on a hybrid approach that combines human connection with digital innovation. We grew our retail business, enhanced our collaboration with UOB across ASEAN and continued to invest in technology, talent and capabilities to position UOI for sustainable long-term growth.”
Tone: Positive and forward-looking, emphasizing resilience, growth opportunities, and strategic transformation.
Other Notable Events
- No borrowings, contingent liabilities, or loan capital as of year-end.
- No share buybacks, dilution, placements, or new mandates.
- No related-party transactions or managerial staff related to directors or substantial shareholders.
- No significant legal disputes, disasters, or policy changes reported.
- No known subsequent events affecting this report.
Forecast & Outlook
Looking ahead, the company anticipates continued growth in retail and commercial insurance demand across ASEAN, supported by rising risk awareness and digital adoption. Strategic transformation and enhanced collaboration with UOB are expected to position UOI for sustainable long-term growth.
Conclusion & Investor Recommendations
Overall Performance: UOI delivered a strong financial performance in FY2025, with robust net profit, higher dividends, and significant gains in comprehensive income. The outlook remains positive, given favorable macroeconomic conditions and continued strategic execution.
- If you already hold UOI shares: The company’s fundamentals remain solid, with increased dividends and strong net asset value growth. Hold your position to benefit from ongoing strategic transformation and dividend income.
- If you do not currently hold UOI shares: Consider initiating a position if you seek exposure to resilient insurance businesses with a track record of dividend growth and positive outlook in ASEAN markets. However, monitor for any signs of rising claims or cost pressures.
Disclaimer: This analysis is based solely on the FY2025 UOI financial report and does not constitute investment advice. Investors should conduct further research and consider their own risk profiles before making investment decisions.
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