UOI

UOI: FY13 net profit dipped 6.1% to $27.4m on a 4.8% increase in gross premium to $109.5m. The premium growth came mainly from increased business from the corporate and reinsurance sectors, although net earned premium was down 3.6% to $44.0m due to a one-time adjustment in unearned premium reserves (UPR) in FY12. Without the one-time adjustment of UPR, underwriting profit would have increased slightly by $0.1m or 1.0%. Meanwhile non-underwriting income was up 7.4% to $16.0m.