UNITED Overseas Insurance’s first-quarter net profit dipped 20.8 per cent to $9.4 million.
This was on the back of a 4.5 per cent drop in gross premiums written to $29.3 million for the three months to March 31, due mainly to timing difference in the booking of an insurance scheme and portfolio pruning by management. In the absence of this difference, the drop is 0.9 per cent.
Underwriting profit increased by 21.5 per cent to $6.9 million, due mainly to lower net claims incurred and higher net commission income. Non-underwriting income fell to $4.3 million from $8.5 million, due largely to a one time investment gain available last year.
Annualised earnings per share firmed to 59.74 cents from 58.86 cents previously. Net asset value per share swelled to $5.15, compared to $4.96 as at Dec 31.
Ho Bee Land
DEVELOPER Ho Bee Land posted a 181.6 per cent jump in first-quarter net profit to $11.6 million. Revenue for the three months to March 31 was up 80.7 per cent at $31.6 million. This was mainly due to the rise in rental income of office buildings, The Metropolis in Singapore and 1 St Martin’s Le Grand in London.
Earnings per share firmed to 1.7 cents from 0.6 cent previously while net asset value per share climbed to $3.93, compared to $3.90 as at Dec 31. Looking ahead, Ho Bee chairman and chief executive Chua Thian Poh said the residential market in Singapore continues to be challenging. “However, earnings for the next few quarters will continue to be underpinned by the strong rental income from the office buildings, The Metropolis in Singapore, Rose Court, 1 St Martin’s Le Grand and 60 St Martin’s Lane in London”.