The insurer posted total comprehensive income of S$5.1 million for the quarter ended 31 March 2026, down 59.5 percent year-on-year as mark-to-market losses linked to heightened geopolitical tensions outweighed operating gains.

Insurance revenue slipped 8.8 percent to S$24.9 million, while the group’s net insurance service and financial result improved 7.3 percent to S$4.4 million on tighter underwriting discipline.

Management did not declare any dividend for the period. Return on average shareholders’ equity declined to 2.8 percent from 5.6 percent a year earlier, even as shareholders’ equity expanded to S$665.8 million from S$621.8 million. Total assets rose to S$528.2 million from S$481.4 million.

Segmentally, growth in retail and commercial lines was offset by a deliberate scale-back in reinsurance, part of a portfolio rebalancing strategy that reduced top-line contributions but supported underwriting profitability. Non-underwriting income plunged to S$0.1 million from S$3.7 million amid volatile financial markets, dragging on overall earnings.

The group said disciplined underwriting, lower acquisition costs and controlled claims helped cushion the impact of softer revenue, while the reinsurance retrenchment is expected to reduce earnings volatility over time.

Looking ahead, management intends to continue optimising its product mix, refine risk selection and maintain a conservative investment stance until market conditions stabilise.