In the late 1950s and early 1960s, the financial sector was in its infancy. But, a young banker envisioned the need for a local general insurance company that can contribute to the development of the industry.
This marked the beginning of the formation of United Overseas Insurance Limited (UOI). The young banker was UOI’s Chairman Mr Wee Cho Yaw. When he shared his aspiration with Mr Hwang Soo Jin, his friend from the insurance industry, Mr Hwang left his job in a foreign insurance company to become the first Managing Director of UOI.
UOI was incorporated in February 1971 and became operational in May of the same year. The first policy of the new company was issued to Mr Wee. With positive support from the start, gross premium hit S$1.2 million in the first year. In 1978, UOI was listed on the Stock Exchange of Singapore.
Over the years, UOI had been approached by many international and local insurers to manage their operations, certainly a reflection of UOI being one of the leading local general 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, UOI moved to our current premises to accommodate a bigger organisation following a transfer of the insurance business from the then Overseas Union Insurance Limited (OUI) which took effect on 1 January 2004. In 2009, OUI changed its name to Union (2009) Limited and now, UOI provides management services for this company.
UOI’s profitable growth over the years reflects our financial strength and prudence.
In 2004, Forbes Global listed UOI among “Best under a Billion” companies that had under US$1 billion a year in revenue and five-year returns on capital of at least five percent. 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.
Today, UOI continues to meet the needs of Singapore’s insuring public by offering a comprehensive range of general insurance products.
