"The strong growth in underwriting income contributed to this outstanding result. While the motor business contributing 77.1 per cent of total premium continues to be the major income earner, we are pleased that the non-motor segments especially fire have also delivered a remarkable performance," said Hashim Harun, Chief Executive Officer/ Managing Director, Uni.Asia General.

Underwriting surplus after management expenses increased 18.1 per cent to RM43.6 million from RM36.9 million in the previous year. The improvement in the underwriting result was attributed to the strong premium growth of 12.5 per cent from RM321.0 million in the previous year to RM361.6 million in the current year. Due to tax adjustments made in the previous year, profit after tax slipped 15.0 per cent from RM49.3 million to RM41.9 million in the current year.

Uni.Asia General¹s underwriting income was assisted by the growth in the Malaysian automotive sector that registered strong sales of the new motor vehicles which increased by 13 per cent in 2005 to 551,000 units from 488,000 units in 2004.

Another factor that contributed to the strong performance was the contribution from its various sales channels especially the bancassurance channel. Bancasurance premium contribution increased 37 per cent, from RM38 million in the previous year to RM52 million in the current year.

"Uni.Asia General sees bancassurance as one of the key growth engines. We will continue to work closely with our banking partners namely EON Bank and UOB Bank to further boost cross-selling as well as further collaborate on new, exciting products that tailor to the needs of their customers for our mutual benefits," said Hashim.

Meanwhile, the company will continue its focus on generating high premium contribution by expanding its traditional agency force. Other efforts include further strengthening of its sales capability in the general insurance market particularly in the areas of niche product development by introducing new and innovative offerings to better penetrate existing and new customer segments.

"After launching a series of niche-oriented motor insurance packages, Uni.Asia decided to launch AutoStar for the general benefits of its motoring customers. We are proud to announce that Uni.Asia is the first general insurer in the country to re-brand its motor Comprehensive Insurance Plan to AutoStar" said Hashim.

Other innovative products to have hit the market included the Zero Interest Installment Plan for Motor Insurance, the Double Protector Plan and Foreign Worker Compensation Plan.

"Moving forward, Uni.Asia will strive to increase its returns to its shareholders by continuing to focus on enlarging its existing channels, provide better, innovative products and services to its customers" Hashim concluded.