However, profit before tax increased to $6.5 million due to higher profit from non-underwriting income. This was due to higher realised net fair value gains on financial derivatives.
No dividend has been declared for the quarter.
In its outlook, UOI says it is premature to be sanguine despite recent indications of improving economy due to increased exports. In addition, the unpredictability of likely worsening threats of climate change and terrorism will render the operating environment even more challenging.
Shares of UOI closed 3 cents higher at $5.83.
