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About Us
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Corporate Development
In the Beginning
Back in the late fifties and early sixties, the financial sector was still in its infancy. A young banker then believed that a local insurance company can contribute to the development of the financial sector in Singapore.
The foresight of this young banker began the history of United Overseas Insurance (UOI). The young banker was none other than UOI’s Group Chairman, Mr Wee Cho Yaw. He expressed his aspirations to his friend from the insurance industry. This friend, by the name of Mr Hwang Soo Jin, shared Mr Wee’s belief and left his foreign insurance company to become the first Managing Director of UOI.
Our Growth
Incorporated in February 1971, UOI became operational in May that same year. In our first year, UOI generated a gross premium of S$1,200,000. Positive support for the fledging company was evident from the start. It was most appropriate that the first policy of the new company was issued to none other than Mr Wee himself.
In 1978, UOI was listed on the Stock Exchange of Singapore. We continue to meet the growing needs of Singapore’s insuring public by offering a comprehensive range of products.
Over the years, UOI had been approached by many international and local insurers to manage their operations, certainly a reflection of UOI being more than just a leading domestic insurer. These companies include international firms like Sun Alliance of UK, Allianz of Europe, and local firms like MMGU and the Industrial and Commercial Insurance (I & C).
In late 2003, we moved to our present premises to accommodate a bigger organisation following a Scheme for Transfer of the insurance business from Overseas Union Insurance (OUI) which took effect on 1 January 2004. UOI currently provides management services for OUI.
UOI’s profitable growth over the years reflects its financial strength and prudence. In 2004, Forbes Global put UOI on its list of “Best under a Billion” companies that had under US$1 billion a year in revenue and five-year returns on capital of at least 5%. UOI was one of the six Singapore companies on the list of 100 of the best smaller-sized enterprises in the Asia-Pacific and Europe.
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