United Overseas Insurance (FRA:IZB) Beneish M-Score: -2.09 (As of Jun. 24, 2026)


FRA:IZB United Overseas Insurance Ltd FRA:IZB
74 GF Score
Price €5.50
GF Value €5.64
! 3 Warning Signs
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What is United Overseas Insurance Beneish M-Score?

United Overseas Insurance FRA:IZB +0.92% 74 Beneish M-Score is -2.09 as of Jun. 24, 2026. GuruFocus rates FRA:IZB with a GF Score™ of 74/100 and a GF Value™ of €5.64. The stock has 3 warning signs investors should review. Among 399 Insurance companies, United Overseas Insurance ranks worse than 81.2% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for United Overseas Insurance's Beneish M-Score or its related term are showing as below:

FRA:IZB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.61   Med: -2.05   Max: 21.78
Current: -2.09

During the past 13 years, the highest Beneish M-Score of United Overseas Insurance was 21.78. The lowest was -2.61. And the median was -2.05.

FRA:IZB
74GF Score
United Overseas Insurance Ltd FRA:IZB
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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United Overseas Insurance Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of United Overseas Insurance for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.4475+0.528 * 1+0.404 * 1.0037+0.892 * 1.6918+0.115 * 0.9311
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.034637-0.327 * 0.925
=-2.19

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €3.94 Mil.
Revenue was €8.97 Mil.
Gross Profit was €8.97 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €431.50 Mil.
Property, Plant and Equipment(Net PPE) was €26.06 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.16 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €0.02 Mil.
Net Income was €21.37 Mil.
Gross Profit was €-4.09 Mil.
Cash Flow from Operations was €10.52 Mil.
 Total Receivables was €5.20 Mil.
Revenue was €5.30 Mil.
Gross Profit was €5.30 Mil.
Total Current Assets was €0.00 Mil.
Total Assets was €427.32 Mil.
Property, Plant and Equipment(Net PPE) was €27.30 Mil.
Depreciation, Depletion and Amortization(DDA) was €1.13 Mil.
Selling, General, & Admin. Expense(SGA) was €0.00 Mil.
Total Current Liabilities was €0.00 Mil.
Long-Term Debt & Capital Lease Obligation was €0.02 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(3.936 / 8.965) / (5.199 / 5.299)
=0.439041 / 0.981129
=0.4475

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(5.299 / 5.299) / (8.965 / 8.965)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 26.056) / 431.499) / (1 - (0 + 27.297) / 427.324)
=0.939615 / 0.936121
=1.0037

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=8.965 / 5.299
=1.6918

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1.129 / (1.129 + 27.297)) / (1.161 / (1.161 + 26.056))
=0.039717 / 0.042657
=0.9311

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 8.965) / (0 / 5.299)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0.016 + 0) / 431.499) / ((0.017 + 0) / 427.324)
=3.7E-5 / 4.0E-5
=0.925

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(21.37 - -4.094 - 10.518) / 431.499
=0.034637

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

United Overseas Insurance has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.09 mean?
United Overseas Insurance (FRA:IZB) has a Beneish M-Score of -2.09 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Overseas Insurance and its competitors. According to the industry distribution chart, United Overseas Insurance ranks #324 out of 399 companies in the Insurance industry, placing it in the top 81.2%.
Is United Overseas Insurance's Beneish M-Score too high?
United Overseas Insurance's current Beneish M-Score is -2.09. Based on the distribution chart, United Overseas Insurance ranks #324 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, United Overseas Insurance has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does United Overseas Insurance's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, United Overseas Insurance ranks #324 out of 399 companies for Beneish M-Score. This places United Overseas Insurance in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on United Overseas Insurance and its competitors. United Overseas Insurance's current Beneish M-Score is -2.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Overseas Insurance stock overvalued right now?
United Overseas Insurance (FRA:IZB) has a current Beneish M-Score of -2.09. The stock's GF Value™ is €5.64, compared to a current price of €5.50 — trading 2.5% below its estimated fair value. The current Beneish M-Score is -2.09. United Overseas Insurance's overall GF Score™ is 74/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For United Overseas Insurance (FRA:IZB), the current Beneish M-Score is -2.09 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is United Overseas Insurance (FRA:IZB) Overvalued in 2026?

Based on GuruFocus' analysis, United Overseas Insurance stock appears to be undervalued. The current stock price of €5.50 is trading 2.5% below its estimated GF Value™ of €5.64.

Key valuation signals for FRA:IZB:

  • Beneish M-Score: -2.09
  • GF Value™: €5.64 vs. price of €5.50 (2.5% below fair value)
  • GF Score™: 74/100 with 3 warning signs

No single metric tells the full story. See the FRA:IZB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

United Overseas Insurance Business Description

Other Exchanges U13:Singapore
Address 146 Robinson Road, Number 02 - 01 UOI Building, Singapore, SGP, 068909
United Overseas Insurance Ltd is a Singapore-based company engaged in the underwriting of general insurance business and reinsurance. The company's general insurance products cover a broad spectrum of classes of insurance, among which are fire, marine, motor, engineering, general accident, and liability business. The company's segments include Singapore Insurance Fund (SIF), which is for insurance business relating to Singapore policies, Offshore Insurance Fund (OIF), which is for insurance business relating to offshore policies, and Shareholders' Fund (SHF), which relates to the company's investment activities of its non-insurance funds. It derives key revenue from the SIF segment. The group has a business presence in Singapore, ASEAN countries, and other countries.
74GF Score

Get the complete analysis for FRA:IZB

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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