Tune Protect records strong growth in 3Q

KUALA LUMPUR: Tune Protect Group Bhd (Tune Protect) displayed sustained strong topline growth in the third quarter of 2022 (3Q22), as evidenced by its gradual improvement of investment losses and recovery of its Thai operations.

In a press statement, it explained, the group posted a growth of overall net written premiums (NWP) to RM72.8 million and net earned premiums (NEP) to RM72.3 million, rising by 68.5 and 64.3 per cent yearon-year (y-o-y) respectively. The 3Q22 results were underpinned by strong retention ratios across all lines of business (LOB) and improvements in claims trend of the Group’s Thailand associate Tune Protect Thailand (TPT).

The group however, recorded a loss after tax (LAT) of RM12.2 million as the high topline growth requires time to be realised as earned premiums in addition to normalisation of motor claims post lockdown and investment losses. This was an improvement over 2Q22, and the group expects this to continue to improve over the next quarters.

Tune Protect’s number of unique active customers has risen from 1.5 million in 1Q22 to 1.8 million in this quarter, a 20 per cent increase over the year. The number of digital policies has also increased by 19 per cent from 6.33 million in 9M21 to 7.53 million in 9M22.

“We’ve launched a regional brand campaign in September 2022 with a focus on driving engagement on our mobile app with the ‘Click to Start’ campaign. Coupled with the aggressive eCommerce and digital marketing campaigns, we are seeing favourable results in the number of customers and policies,” said Tune Protect Group’s chief executive officer Rohit Nambiar.

Tune Protect is committed to servicing its retail and individual customers with its 3:3:3 commitment where they can purchase insurance in just three minutes, receive a response in three hours and receive their claims payout in just three days.

Rohit also stated that the group has persevered in its efforts to improve organisational efficiencies, especially on a ratio basis.

“Other healthy indicators for the Group during the quarter were the improved expense and retention ratios. This was however impacted by normalising claims on the Motor segment. There was also strong growth of consolidated NWP across three of our core Lifestyle, SME and Health pillars, although the Commercial pillar declined in line with our plan to reduce exposure in this segment,” Rohit explained.