Insurance provider Tune Protect Group Berhad announced record-breaking profits for both the fourth quarter of 2024 and the entire financial year.
How Kim Lian, the CEO, attributed this success to growth in the net insurance service results, particularly from the Travel segment, and substantial improvements in Profit After Tax (PAT).
The company reported a PAT of RM9.5 million in Q4 and RM2.7 million for the full year, a robust recovery and an over 100% year-on-year increase.
The net insurance service result surged by 82.8% quarter-on-quarter to RM11.1 million in Q4, with a yearly increase to RM3.0 million, due to better acquisition costs and a lower reinsurance ratio.
Despite a slight quarter-on-quarter dip in insurance revenue, annual figures rose by 4% to RM389.2 million. The improvement in the combined ratio, which excludes the impact of the Tenang scheme impairment, underscores enhanced cost efficiency and strategic exits from less profitable segments like large Commercial insurance.
How highlighted one-off events in FY24, including exposure to large Fire losses and impairment losses from Tune Protect Ventures. Looking forward, the group is optimistic about normalizing these occurrences and continuing its growth trajectory.
“Our strategic focus will continue to emphasise on the expansion of our travel insurance products
and other profitable business segments while focusing on our cost and claims management," How said in a press release.
"By leveraging on our expertise and innovative methodologies, we aim to identify and capitalise on new market opportunities and thereby achieving a sustainable growth."
