KUALA LUMPUR, March 4 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) announced its financial results for the fourth quarter of 2023 (“4Q23”), highlighting a Profit After Tax (“PAT”) of RM3.5 million and a full-year PAT of RM22.7 million, excluding the one-off impairment on Perlindungan Tenang Voucher (“PTV”). Despite this impairment, the Group’s overall retention ratio and Net Written Premium (“NWP”) increased by 14% and 8.3% respectively in 4Q23.
While for the full financial year 2023 (“FY23”), retention ratio saw a 17% rise, though NWP fell by 2.2% year-on-year (“YoY”). Rohit Nambiar, Tune Protect Group’s Chief Executive Officer, noted that the impact of the PTV impairment led to a decrease of over 100% YoY in PAT for 4Q23, but the losses in FY22 turned to a profit, improving significantly by more than 100% YoY in FY23. The Group aims to appeal the regulator’s decision regarding the policies underwritten by its subsidiary, Tune Insurance Malaysia Berhad, and its inclusion in the financial results of FY23.
Excluding the impairment, both 4Q23 and FY23 PAT recorded substantial increases of more than 100%. Looking ahead, the Group anticipates growth in travel products under the Lifestyle pillar and continued momentum in the Motor segment.With a focus on stable investment returns and expansion through partnerships and innovative products like TravelEasy and FLEXIOne, Tune Protect Group remains committed to building long-term foundations for sustained growth and excellence.
