KUALA LUMPUR, Feb 22 — Tune Protect Group Bhd’s net profit rose 6.5 per cent to RM49.31 million in the financial year ended Dec 31, 2018 (FY18) largely due to a RM39.73 million drop in net claims incurred.
The digital insurer achieved the improved performance despite net earned premiums easing to RM295.43 million from RM321.33 million previously due to higher premiums ceded to reinsurers.
In a filing with Bursa Malaysia today, Tune Protect said revenue increased 4.3 per cent to RM566.12 million due to better investment income.
For the fourth quarter (Q4), the company posted a net profit of RM10.80 million, up 29.3 per cent year-on-year (y-o-y), on 1.4 per cent higher revenue of RM140.42 million.
The group said its digital global travel’s earnings recovered in Q4 2018 and remained a significant contributor with gross written premiums charting an increase of 25.9 per cent in the quarter under review and 10.9 per cent y-o-y.
“This was due to an increase in product bundling sales, the Middle East business, as well as contribution from the other airlines segment,” it said.
Tune Protect said the group’s overseas venture in the EMEIA region (Europe, Middle East, India and Africa) had contributed an increase in the share of results of joint venture by more than 100 per cent for both the quarter and full year arising from AirArabia and the business-to-business main markets.
Group chief executive officer Khoo Ai Lin said Tune Protect would focus on four key transformation pillars — global business, AirAsia, insurance technology (insurtech) capabilities and national business — to help drive and deliver successful change within the organisation, customers as well as stakeholders.
“As we continue our journey in the insurtech space, we want to change the way policyholders view protection by leveraging data analytics and technology to provide for their needs accordingly.
“We will be expanding and leveraging our capabilities with homegrown talents together with acquired capabilities through collaborations and partnerships,” she added. — Bernama
