Corporate Development
UOI’s profitable growth over the years reflects our financial strength and prudence.
Our Company Journey Along The Years
UOI has served the Singapore-insuring public for more than 50 years. 1971 marked the beginning of the formation of United Overseas Insurance Limited (UOI). When UOI’s Chairman Mr Wee Cho Yaw envisioned the need for a local general insurance company that can contribute to the development of the industry. 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 is committed to creating sustainable value for its stakeholders and responsibly providing financial services to clients. UOI’s principal business is centred on underwriting a broad spectrum of general insurance including fire, marine, motor, engineering, general accident, and liability business, and reinsurance.
UOI is a trustee of a mutual fund whereby the losses of a few are shared by many. Premiums are pooled together, claims are deducted, and surpluses are accumulated and used to fund capital requirements of businesses or deployed into investments that are beneficial to society.
Through careful management of this mutual fund, UOI facilitates the transfer of risks from insureds, supports economic activities, contributes to government revenue through taxes, creates jobs and provides funding for investments and corporate finance.
Our values of honesty, fairness, social conscience, professionalism, and the constant pursuit of excellence guide the UOI Management and the Board to grow business sustainably.
UOI’s profitable growth over the years reflects our financial strength and prudence.
Today, UOI continues to meet the needs of Singapore’s insuring public by offering a comprehensive range of general insurance products.
Accolades
2024
1 August 2024 – AM Best has affirmed UOI’s Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Rating of “aa-” (Superior). The outlook of these Credit Ratings is stable.
2023
22 June 2023 – AM Best has affirmed UOI’s Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Rating of “aa-”(Superior). The outlook of these Credit Ratings is stable.
2022
June 2022 – A.M. Best has affirmed UOI’s Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-“(Superior). The Outlook of these credit ratings remain stable.
2021
December 2021 - Singapore Corporate Awards recognised UOI for our corporate excellence and resilience for companies with market capitalisation of S$300 million to less than SS$1 billion as at 31 December 2020. The award was conferred in recognition of exemplary companies that has upheld best practices in corporate governance and have shown leadership, innovation and resilience during the pandemic.
2019
September 2019 - At the Investors’ Choice Awards 2019 held on 26 September 2019, the Securities Investors’ Association Singapore (SIAS) awarded our Company the Sustainability Award, Mid Cap – Runner Up for companies with a market capitalisation of S$300 million to less than S$1billion as at 31 December 2018.
The Sustainability Award has the objective to encourage companies to adopt and report on environment, social and governance practices (ESG). Winners are assessed on their leadership, culture, ESG practices, framework, materiality assessment and stakeholder engagements.
July 2019 - At the Singapore Corporate Awards 2019 held on 23 July 2019, the Singapore Institute of Directors awarded United Overseas Insurance Limited the Best Risk Management Award (Silver) for companies with market capitalisation of S$300 million to less than S$1 billion as at 21 December 2018.
The Best Risk Management Award is a new award added this year to the Singapore Corporate Awards (SCA) with the objective to recognise and raise awareness of the core and leading risk management practices required to support and sustain the strategic direction of companies, especially in this age of technology and disruption.
UOI's Global Reach
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).
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