KUALA LUMPUR, December 21— Tune Protect Group Berhad showcased an impressive financial turnaround in the third quarter of the fiscal year 2023 (3Q23), reporting a substantial 22% year-on-year growth in Net Written Premiums (NWP). The positive bottom line is attributed to improved underwriting performance and strategic investments. Key contributors to this growth include the Travel, Motor, and Health segments. Despite the discontinuation of the Perlindungan Tenang scheme, the Group exceeded its target retention ratio by 4% and 6% in 3Q23 and 9M23, respectively, indicating a robust recovery.
Rohit Nambiar, Chief Executive Officer of Tune Protect Group, highlighted the comprehensive growth across the main pillars, with a notable 22% YoY increase in NWP for 3Q23. The Health pillar witnessed growth led by the Foreign Worker segment, while the Lifestyle pillar saw significant contributions from the Motor and Travel segments. Digital Partnerships and eCommerce exhibited promising 3Q23 NWP growth of 7.5% YoY. Despite a 15.3% decline in insurance revenue YoY, the Group’s profitability remained robust, fueled by over 100% YoY growth in the insurance service result and improved investment performance.
Tune Protect’s commitment to sustainability and digital innovation is evident through collaborations and expansion plans. The Group has pioneered digital insurance solutions for Micro, Small, and Medium Enterprises (MSMEs) through a collaboration with Credit Guarantee Corporation (CGC). Furthermore, Tune Protect is making significant strides in Southeast Asia, particularly in Vietnam, where partnerships with Baoviet Insurance and Vietjet Air contributed significantly to its Gross Written Premium.
