All posts by Tam Hse Leng

Tune Protect posted commendable double digit 4Q21 / FY21 NWP growth, despite earnings drag on TPT’s one-off loss


  • 4Q21/FY21 NWP up 17.2% /19.5% YoY; 4Q21 earnings dampened mainly by TPT’s share of losses, as well as fair value losses and flood claims
  • Repositioned investment portfolio due to rising global bond yields, exiting low retention commercial segments
  • Focused on growth objectives via e-commerce and ASEAN expansion

KUALA LUMPUR, 25 FEBRUARY 2022 – Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) posted commendable 4Q21 and FY21 results amid ongoing market challenges, growing Net Written Premiums (“NWP”) to RM55.7 million and RM201.1 million respectively, up by 17.2% and 19.5% year-on-year (“YoY”).
Rohit Nambiar (“Rohit”), Tune Protect’s Group Chief Executive Officer said, “Against a challenging operating landscape, we were still able to record commendable NWP growth quarter-on-quarter (“QoQ”) and YoY thanks to the progress that we’ve made in our 3-year plan (2021-2023).”

However, its 4Q21 performance was affected mainly by the share of losses by the Group’s associate company, Tune Protect Thailand (“TPT”), as well as fair value losses and flood related claims. The Group posted Loss After Tax (“LAT”) of RM14.7 million and RM18.2 million for 4Q21 and FY21 respectively.

Excess of loss cover limited flood claims
“The share of losses in TPT’s books was primarily due to a Group Personal Accident (“PA”) account which will no longer be renewed. The excess of loss cover also limited our flood claims.”

“Despite the gross exposure of RM7.0 million, net impact to Profit Before Tax (“PBT”) was only RM3.6 million attributable to losses capped at RM1 million due to excess of loss cover and reinstatement of premium of RM2.6 million,” explained Rohit.

Strong topline growth in Thailand
Going forward, Rohit believes that TPT will recover as evidenced by its encouraging topline growth in FY21. TPT’s full year NWP doubled, contributed mainly by the Lifestyle segment which increased 60.8% YoY and the Health segment which increased 22x.

TPT is poised to capitalise on the recovery of domestic and international travel in 2022. It has introduced Covid-19 related covers such as Tune iPass for inbound travel and launched a brand new e-commerce website to host a list of Lifestyle and Health products.

Rising equities and ESG investments
In response to an evolving economic landscape which saw a persistent rise in global bond yields in 4Q21, Tune Protect repositioned its investment portfolio valued at RM758.0 million as at 31 December 2021.

In December 2021, Tune Protect achieved its target Environmental, Social and Governance (“ESG”) foreign equity allocation of up to 10%. The Group’s total ESG funds mix as at December 2021 is 13.4%.

“We have repositioned for a more defensive portfolio mix by re-allocating 15% of our longer duration corporate bonds to short duration government bonds. Average bond duration was circa 2.8 years at the end of 2021. Our portfolio now is less sensitive to yield curve volatility,” Rohit said.

Tapping more than 150 million customers
Rohit remains positive of the Group’s future. The Group is on track to becoming a mobile-first company with new products developed with mobile purchase option and have also succeeded in being inducted into the FTSE4Good Bursa Malaysia Index. It is also on track to achieve its targets of retention of up to 70% in all its Lines of Business (“LOB”), becoming a more efficient organisation on a ratio basis and the preferred employer among insurers for millennial talents.

“The company is placing greater emphasis on e-commerce. We are widening our distribution network with access to more than 150 million customers. We have also achieved 46% increase in registered users for our mobile application. The Group had also surpassed expectations in FY21 by registering a positive customer Net Promoter Score (“NPS”),” Rohit highlighted.

To fast track its growth objectives, Tune Protect is planning to evolve its technology arm as a profit centre and grow its presence in the ASEAN market, becoming a one-stop centre for reinsurance, technical expertise, and underwriting services through its reinsurance entity Tune Protect Re.

Exiting low retention commercial segments
Rohit is positive that the Group will achieve its targets and objectives by 2023, mainly due to higher retention expected in FY22 with further withdrawal from the commercial segment.

“We are exiting and scaling down low retention commercial segments such as the commercial hull and aviation businesses. This enables us to renegotiate better treaty terms with reinsurers. On the bright side, there was growth in travel with YoY increase for every quarter of 2021, mainly contributed by the Middle East market which registered an impressive growth of 167%. With travel reopening and AirAsia making a comeback, we are optimistically cautious that travel business will rebound.”

“FY21 premiums of RM101.0 million were up 55.2% YoY. Recovery was observed in our Malaysian general insurance in 2H21, in tandem with the easing of lockdown and gradual recovery of economic activities.” Rohit explained.

The positive market outlook for FY22 is reflected in domestic and international economic projections. According to Bank Negara Malaysia (BNM), the Malaysian economy will expand between 5.5% and 6.5% in 2022. While according to Bank of Thailand, Thailand’s 2022 GDP growth is expected to be around 3.4%. These will be driven by the easing of restrictions and improved global / domestic demand and consumption.

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Tune Protect Malaysia Expedites Claim Pay-outs Within 3 Days to Victims Affected by Floods

KUALA LUMPUR, 22 December 2021 – Tune Insurance Malaysia Berhad (“Tune Protect Malaysia”, “Tune Protect”) has been doing its part by expediting claims settlements within 3 days for customers affected by the floods recently.

“The floods have been extremely devastating and here at Tune Protect, we always prioritise our customers and would want to do our bit to help them to rebuild their lives. Due to the urgency of the situation that the victims are currently facing, the flood claim payment will be distributed within 3 days instead of the usual 10 working days frame,” said Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect.

“We understand that no amount of help can fully replace the loss and trauma suffered by the flood victims but we hope that the speedy pay-out processing would help to ease the burden,” he added.

Affected customers can reach out to Tune Protect Malaysia 24/7 dedicated claims hotlines and email while also referring to Tune Protect social media channels for guidance on claims. Tune Protect is also reaching out to customers via SMS and emails to advise them of the claim process.

Besides, policyholders who are affected by the floods would not need to make a police report and present any documents for both claims involving their motor vehicles and residential and commercial properties respectively.

Once the motor vehicles are brought to any of the 300 Tune Protect panel workshops nationwide, these workshops will verify the damages and handle the claim process. For damaged properties, an onsite assessment will be conducted by a loss adjuster with an onsite approval of up to RM20K. As a result of these initiatives, Tune Protect has been receiving claim applications and is currently working towards fast tracking the pay-outs.

Natural calamities such as the flood that Malaysia is currently battling may recur in the future. Customers are encouraged to add on special perils coverage into their motor insurance to ensure that their vehicles are covered comprehensively against the unforeseen natural calamities such as flood, landslide, typhoon, hurricane, and other convulsions of nature. To find out more about Tune Protect motor insurance, and how to add on the coverage for special perils, customers can go online at, reach out to its Agents nationwide, or visit the digital platform of Tune Protect’s partner, Qoala.

For any flood claims and inquiry, customers can contact 1800 228 863 for Motor Claims and 03 7989 0310 for Property Claims which are available 24-hours and 7 days a week. Emails can also be sent to [email protected].

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Tune Protect Introduces New Covid-19 Travel Protection Plan For Healthcare Travellers To Malaysia

KUALA LUMPUR, 22 NOVEMBER 2021Tune Protect Group Berhad (“Tune Protect”, “Group”) and the Malaysia Healthcare Travel Council (“MHTC”) have collaborated to introduce a Covid-19 travel protection plan for healthcare travellers seeking medical advice and treatments in Malaysian private hospitals. Known as the Covid Travel Pass+, it comes in two different plans, the Basic and Premium plans which provide medical expenses and hospitalisation coverage due to Covid-19 of up to RM100,000 (USD23,926.31) and RM350,000 (USD83,742.07) respectively. Both plans also come with a bereavement allowance of RM10,000 (USD2,392.63).

Aside to the Covid-19 coverage, the Covid Travel Pass+ benefits include trip cancellation, flight on arrival delay, loss or damage to checked-in baggage, and Covid-19 diagnosis quarantine allowance (RM350 or USD83.83 per day up to RM2,450 or USD585.98) among others.

“Malaysia is recognised for its award-winning healthcare services and with travelling restrictions loosening up, we are expecting the number of healthcare travellers to increase. With this, we are pleased to collaborate with MHTC as we believe in going where customers want us to be. The timely collaboration provides convenience and worry-free travel experience for healthcare travellers seeking to access medical treatment and advice here in Malaysia,” said Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect.

Malaysia has been a preferred destination for healthcare travellers around the world, amassing a total of 1,220,000 healthcare travellers in 2019. Known for delivering world-class quality healthcare services which are both easily accessible and competitively affordable, Malaysia is fortifying its healthcare offerings through building strategic partnerships to offer the Best Malaysia Healthcare Travel Experience.

“Malaysia Healthcare is committed in partnering with entities who share the same dedication as us in offering a safe and seamless travel experience. We are pleased to collaborate with Tune Protect in assuring healthcare travellers that they are protected and have better peace of mind during their travels with the Covid Travel Pass+. This is part of our strategy to demonstrate Malaysia’s strengths as a safe and trusted destination, and offer healthcare travellers accessible and affordable protection plans as the country begins to welcome international visitors back to our shores,” said En. Mohd Daud Mohd Arif, Chief Executive Officer of MHTC.

Healthcare travellers can visit Malaysia Healthcare and click on the Covid Travel Pass+ web banner to purchase the plan, or if they wish to find out more about the product. The web banner is also available on the websites of participating MHTC hospital members.

“As we aim to be the Lifestyle insurer that everyone loves, our strong foothold in the Travel segment in more than 60 countries, including being the market leader in Thailand, puts us in good stead to offer healthcare travellers the much-needed protection, especially Covid coverage as we enter the endemic phase,” Rohit concluded.

For more information about Tune Protect and MHTC, please visit and

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Tune Protect registered double digit topline growth in 3Q21, Underwriting Profit recovered from losses


  • 3Q21 GWP grew 15.2% YoY; Underwriting Profit recovered YoY from
  • Growth in Travel expected to continue in 4Q21 and progressing into 2022
  • Health and Lifestyle pillars to spur topline growth further

KUALA LUMPUR, 17 NOVEMBER 2021Tune Protect Group Berhad (“Tune Protect” or “Group”; TUNEPRO, 5230) recorded an improvement in Gross Written Premiums (“GWP”) by 15.2% year-on-year (“YoY”) despite a challenging market landscape with lockdowns in July and August this year in both Malaysia and Thailand. The Group is positive of a strong rebound of the travel sector as travel restrictions are gradually lifted domestically and globally. This is evident by the 170% growth in the Travel segment, particularly in the Middle East, contributing to the Group’s Underwriting Profit of RM0.3 million for 3Q21.

“We expect the pace of recovery to increase in 2022 supported by ASEAN countries reopening their borders. The growth in Travel is expected to continue in 4Q21 and 2022 as mandatory travel insurance is gaining ground,” said Rohit Nambiar (“Rohit”) Tune Protect Group Chief Executive Officer.

Rohit also attributes the improvement in the Group’s 3Q21 Underwriting Profit to favourable claims experience, which had also contributed to a 22.7% improvement to the Group’s Combined Ratio of 99.4%. Net Earned Premiums (“NEP”) also rose YoY by 1.9%, though the growth was lower as the Group’s Malaysian General Insurance subsidiary, Tune Protect Malaysia (“TPM”) had a higher cession of the Group’s commercial business.

The Group however registered a marginal Loss After Tax (“LAT”) of RM0.8 million in 3Q21, due to lower net investment income and share of losses of RM3.1 million from the Group’s Thai associate, Tune Protect Thailand (“TPT”) mainly from a group PA account exposure.

Rohit commented, “The gradual recovery of the Group’s fixed income market over the past 6 months declined at the end of 3Q21 as treasury yields increased on inflationary pressure, as well as expectation of the US Federal Reserve starting to reduce bond purchases by as early as 4Q21. Fixed income market volatility is expected to continue in the near to medium term. We are repositioning for a more defensive portfolio mix by re-allocating 15% of our longer duration corporate bonds to short duration government bonds.”

Group Performance

1 Aggregate of investment income, realised gains and losses, and fair value gains and losses

Group Performance by Key Business Pillars

2 Excluding management expenses

Health & Lifestyle in motion

Rohit remains bullish about the overall market outlook. Other than the Travel segment, he also expects the Health and Lifestyle pillars to boost the Group’s topline into next year with more products expected to be launched in 2022.

“Our Health and Lifestyle products launched this year have continued to gain traction as we are building economies of scale by increasing our partnership base and rolling out aggressive marketing,” said Rohit.

To date, the Group has launched several products in the Health segment such as PRO-Health Medical – a cashless health coverage targeting millennials; VSafe COVID which covers for the infection of the disease and the side effects of the vaccine; and myFlexi CI – a customisable critical illness plan. In addition to that, these products are complemented with value-added propositions offered by the Group’s strategic partners such as emotional wellbeing assessment for policyholders; teleconsultation as well as second medical opinion services. Most recent, the Group launched its vaccine insurance as an add-on to the existing inbound product for customers travelling to the UAE.

There were also innovative offerings from the Lifestyle segment this year, such as Home Easy & Home Shield, a residential building and home content protection with great flexibility for homeowners to tailor their plan with optional add-ons to meet their individual needs. It also offers up to 40% savings in premium with complimentary benefits if customers opt to cover both their homes and its contents. The Group had also launched pet travel and student assurance in the Middle East and inland transportation insurance in Indonesia and Thailand.

In partnerships, the Group recently tied up with Qoala, the digital insurance marketplace to distribute Motor Easy, a motor insurance product by TPM in addition to an earlier collaboration with Cover Genius to distribute a product that protects against damage or loss of goods during transit from the merchants to Shopee customers in Thailand.

In the Travel segment, the Covid Travel Pass has just been launched via the airasia Super App for inbound travellers to satisfy the mandatory insurance requirements by the respective Malaysia and Thai governments.

Sustainability at the core

The CEO reaffirms the Group’s strong commitment to a sustainable future in line with its Environment, Social and Governance (ESG) goals.

“To enhance the social safety net for the B40 income group, we will be launching a Perlindungan Tenang product, and a micro health protection plan soon,” Rohit elaborated.

The company is supportive of the government’s recent Budget 2022 which made it mandatory for all Public Listed Companies (PLCs) to appoint at least one woman to the Board of Directors.

“We are currently above the Malaysian Code on Corporate Governance (MCCG) recommendation of having at least 30% women representation,” Rohit concluded.

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Tune Protect and AirAsia First to Launch Travel Protection to Meet Mandatory Coverage for Foreign Travellers into Langkawi and Thailand

Tune Protect and AirAsia provide convenient, one-stop digital-first solution to prepare for year-end travel boom with required travel protection for Covid-19 coverage

KUALA LUMPUR, 17 NOVEMBER 2021 – In an industry first, Tune Protect and AirAsia today launched the Covid Travel Pass as an added convenience for air travellers to meet the mandatory insurance coverage set by the governments for fully vaccinated international travellers flying into the countries. Kicking off with Langkawi, Malaysia and various tourist destinations in Thailand, the service will be expanded to include other countries and destinations in due course.

Currently, travellers flying AirAsia into Langkawi, Malaysia and destinations in Thailand can subscribe to the Covid Travel Pass when booking their flight tickets on the AirAsia superapp, post flight purchase subscription options are also available before travellers depart.

The introduction of the Covid Travel Pass plans is timely as they also meet the year-end travel needs of AirAsia’s guests who wish to head to their much-awaited holidays and the impending opening of regional and international borders.

The Covid Travel Pass plans are complete with enhanced COVID-19 coverage to satisfy the Malaysian government’s requirement for international travellers coming into Langkawi to have mandatory insurance coverage of USD80,000 while for Thailand, the required mandatory coverage is USD50,000.

“As Malaysia and Thailand open their international borders, AirAsia is prepared to meet the rise in the pent-up travel demand especially towards the end of year as a peak travel period. Travelling today comes with a new set of protocols and we want to reassure our guests that we are ready to welcome them with the right travel protection products provided by Tune Protect while observing strict and disciplined protocols to ensure the safety of our passengers in flight and beyond so that they can have a total peace of mind,” said Bo Lingam, Group CEO of AirAsia Aviation Limited.

AirAsia has spent the period of downtime in travel over the past one-and-a-half years to further improve and revamp its flight procedures and processes. In the highest interest of safety and wellbeing of all its guests and employees, AirAsia will accept only fully vaccinated guests on board its flights, and likewise ensure only fully-vaccinated employees will operate flights and be on-duty at airport terminals.

Despite mostly not flying for a good part of the past 18 months, all AirAsia’s aircraft are properly maintained according to procedures set by the manufacturer. AirAsia has set up an in-house maintenance, repair, and operations (MRO) unit called Asia Digital Engineering that provides services not only to AirAsia but also other airlines. Likewise, all its pilots and cabin crew are regularly sent for mandatory refresher courses and ongoing retraining so that they are always on top of their job.

“We are excited for our customers and AirAsia guests as they take their much-needed vacation time. The Covid Travel Pass satisfies the requirements in both countries to ensure customers are better prepared and protected during their holidays and have a worry-free vacation. Guests can purchase the Covid Travel Pass when booking their AirAsia flights on the flight booking platform of the airasia Super App, making it super convenient and hassle-free,” said Rohit Nambiar, Group Chief Executive Officer of Tune Protect.

For AirAsia’s international guests flying into Langkawi, Malaysia, the Covid Travel Pass provides a coverage of up to RM350,000 in medical expenses and hospitalization due to accident and sickness including a COVID-19 infection, as well as a quarantine allowance of RM150 per day. Premiums start from as low as RM170 per guest per trip.

For travellers flying with AirAsia into Thailand, the Covid Travel Pass provides medical expenses due to accidents and sickness due to COVID-19 of up to THB1.8 million.

The Covid Travel Pass is available via the airasia Super App and will soon be made available to other customers via the Tune Protect’s website. Travellers who have purchased AirAsia flights prior to 1 November 2021 will be notified via push notifications to add on the required insurance coverage with the relevant post flight purchase options.

Other existing benefits from the Covid Travel Pass include personal accident, travel inconvenience such as trip curtailment, flight delay, loss, or damage to checked baggage, baggage delay on arrival; ground inconvenience benefit due to snatch theft, emergency medical evacuation and 24-hours travel assistance services.

Earlier in February, Tune Protect had also enhanced the Tune Protect AirAsia Travel Protection for travellers from Malaysia entering Singapore which included RM100,000 medical and hospitalisation expenses coverage due to COVID-19, meeting the mandatory insurance requirement of the Singapore government for coverage of SGD30,000.

For more information about Tune Protect Covid Travel Pass, please visit the official website at

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Lions Club Petaling Jaya collaborates with Tune Protect for Project Sunshine

Distribution of 300 food baskets to the blind and visually impaired under the patronage of the MAB

14 October 2021, KUALA LUMPUR – In conjunction with the World Sight Day 2021 today, Lions Club Petaling Jaya collaborates with Tune Protect Group Berhad (“Tune Protect”) in Project Sunshine to distribute food baskets to the blind and visually impaired under the patronage of the Malaysian Association for the Blind (“MAB”). A total of 300 food baskets amounting to RM30,000 will be distributed by the MAB to the blind community in Kuala Lumpur and Petaling Jaya through this collaboration.

There are nearly 2,000 blind and visually impaired in Klang Valley and major towns of Malaysia who work as freelance masseurs or reflexologist on daily wage. The forced shut down of these massage and reflexology centres due to the pandemic lockdown since March 2020, totalling 325 days of closure, has put these blind masseurs in much difficulty. MAB has been distributing food baskets with the help of donations from individuals, corporations and service clubs and have reached out to the blind community with nearly 9,000 food baskets and over 38,000 hot meal packs since the start of the pandemic.

George Thomas, Chief Executive Officer of the MAB said, “We are indeed happy to have corporate organisations and service clubs like Tune Protect and Lions Club Petaling Jaya extending assistance to MAB in reaching out to the needy. Though the economic sector has gradually re-opened, there is still a number of the blind and visually impaired who require assistance.”

Project Sunshine is a CSR programme by Tune Protect which started in July this year. Through this programme, Tune Protect has distributed more than 500 food baskets to homes and families in the Klang Valley. The idea of Project Sunshine is to bring some sunshine and hope to white flag homes and individuals, and to the organisations that support them by donating food boxes containing food essentials to temporarily help sustain the lives of these beneficiaries.

Yap Hsu Yi, Chief People & Culture of Tune Protect said, “When we first got together with the Lions Club Petaling Jaya, they were very supportive of the idea of our Project Sunshine and would like to do their part in contributing these food boxes to the needy. Understanding that the Lions Club Petaling Jaya has a long-standing relationship with the Malaysia Association for the Blind (MAB), we mooted the idea for them to channel the contribution to the blinds and visually impaired who have been impacted by the prolonged lock down due to the pandemic.”

The World Sight Day originated in the year 1990 through an initiative of the Sight First Campaign of Lions Club International Foundation (LCIF). It is celebrated annually on every second Thursday of October with the aim of raising public awareness on the global issue of avoidable blindness and visual impairment. Lions Clubs all around the world continue to celebrate and promote the eye health and prevention of blindness. ‘Love your eyes’ has been chosen as the theme this year to encourage the public at large to have regular check-ups for their eyes.

Statistics in Malaysia still shows that there are many who have needlessly became blind due to several causes. Cataract ranks first as the major cause of blindness, followed by glaucoma and diabetic retinopathy where the latter two have multiplied in numbers, contributing to adult blindness.

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Tune Protect Group Berhad welcomes new Chairman

KUALA LUMPUR, 5 October 2021 – Tune Protect Group Berhad (“Tune Protect”, “Group”) announces the appointment of Dato’ Mohamed Khadar bin Merican (“Dato’ Mohamed Khadar”) as its Chairman of the Board of Directors (“the Board”) of Tune Protect effective 5 October 2021.

Mohamed Khadar
Dato’ Mohamed Khadar has more than 40 years’ experience in financial and general management. He served as an auditor and a consultant in an international accounting firm before joining a financial services group in 1986. Between 1988 and April 2003, he held various senior management positions in the then Pernas International Holdings Berhad, a company listed on Bursa Malaysia Securities Berhad, including those of President and Chief Operating Officer. In 2013, in his capacity as the Chairman of RHB Capital Berhad, Dato’ Mohamed Khadar was named “Chairman of the Year” by the Minority Shareholders Watchdog Group (now known as Minority Shareholders Watch Group) at its ASEAN Corporate Governance Index Awards 2013.

“I would like to welcome and congratulate Dato’ Mohamed Khadar on his appointment as the new Chairman of the Board. It has been an honour for me to have held the role and I believe that with the baton passed, he will lead Tune Protect on the right track in achieving its aspirations,” said Ng Siek Chuan (“Ng”), Non-Independent Director of Tune Protect.

Dato’ Mohamed Khadar is a Fellow of the Institute of Chartered Accounts in England and Wales and a Chartered Accountant of the Malaysian Institute of Accountants. He is also a Director of AirAsia Group Berhad, BNP Paribas Malaysia Berhad and Iris Corporation Berhad.

“On behalf of the Group, we would like to record our appreciation to Ng for his invaluable contributions and for his guidance throughout his chairmanship. With his wealth of experience and wisdom, he has played an instrumental role in shaping Tune Protect to what it is today,” said Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect.

Dato’ Mohamed Khadar succeeds Ng, who will be redesignated as a Non-Independent Director of the Board following the expiry of his 9-year term of office on 5 October 2021. Ng joined the Board as Independent Non-Executive Director on 5 October 2012 before being appointed as its Chairman on 22 May 2017.

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Tune Protect Shaking Up the Health Insurance Industry with Low Prices, Digitisation and Strategic Partnerships

KUALA LUMPUR, 21 SEPTEMBER 2021Tune Protect Group Berhad (“Tune Protect” or “the Company”) sees significant growth opportunities in personal health insurance in Asia including Malaysia. The Asia-Pacific healthcare insurance market is expected to reach US$500 billion by 20241, which includes huge markets such as China, India and developing markets in which the Company has established its presence, including Malaysia, Thailand, Vietnam, and Cambodia.

According to Asian Healthcare and Hospital Management, the private health insurance market in Asia is projected to expand with nearly 3 million Asians actively seeking health insurance by the end of 2020. As the Covid-19 pandemic continues to affect economies around the world and reduce the personal savings of individuals, the Company expects to see an acceleration of demand for personal health insurance. To compete in this burgeoning market, Tune Protect is shaking up the industry with reimagined value propositions, low prices, digitisation and strategic partnerships.

“We see the health insurance market as a key growth pillar for the Company. The penetration of personal health insurance amongst Malaysians2 and the rest of Asia is still low. However, awareness is at an all-time high now and there is increased demand for digital health insurance. Healthcare costs and demand will continue to rise, driven by the increase in communicable and non-communicable diseases, and a growing aging population3,” said Ben Assanasen (“Ben”), Tune Protect Group Health Lead.

He added that the Covid-19 pandemic has brought about challenges to global economies, the already fragile public health system, and personal finances. People are more aware now that health insurance can help mitigate their vulnerability should anything untoward happen to them or their family.

To compete, the Group is mainly focused on millennials and Gen Z as they are both generations who appreciate solutions that are budget friendly, easy to navigate and are accessible digitally end-to-end, right from sign-up to claims.

By the end of 2021, Tune Protect will introduce a no-frills value proposition to address the vulnerable B40 group with the aim to help lessen the healthcare protection gap and ensure this group has access to suitable healthcare.

Offering Low Prices
Tune Protect health propositions are premised upon the basis of affordability where its price suits the current tightened wallets. The products are bite-sized in nature with simple add on options allowing customers to choose what they really need and what they are comfortable in paying.

To the millennials and Gen Z’s who are financially conscious, cost remains the biggest barrier. Thus, by breaking down the coverage and allowing them to decide what goes into the plan will allow them to save for other wants and needs such as home and travel once it is allowed.

Earlier this year, Tune Protect Malaysia introduced PRO-Health Medical where it offers affordable plans suited to one’s needs, with premiums starting from as low as RM50 monthly and annual limits as high as RM150,000.

Other health products introduced by the Company include myFlexi CI which is a flexible and customisable critical illness plan, Tune iPass and iPass Covid-19 which cover the medical expenses due to Covid-19 infection and VSafe Covid that provides coverage due to the side effects of the vaccine for the Thai market. myFlexi CI is due to be launched in Malaysia by the end of the year.

Leveraging Digital
With the aim to make insurance simple and accessible for everyone, Tune Protect has invested resources to bring about a digital experience that is best in class in terms of products, access, services, and business efficiency.

The tech enabled simplification journey is targeted at the millennials and Gen Z generations who prefer to shop and communicate online. The end-to-end customer journey encompasses the buying experience, policy management, service and claims experience is all done via the mobile app.

“The entire experience is a straight through process with minimal underwriting requirements. Tune Protect wants its customers to be able to choose and understand what they are buying and what is being covered, all at their fingertips,” said Ben.

Strategic Partnerships
Tune Protect is steadily accelerating its partnerships reach and further expand its presence across the ASEAN region with affinity and digital partners as well as insurance partners. Up till July 2021, Tune Protect has secured more than 35 partnerships across ASEAN, particularly in Malaysia, Thailand, Vietnam, and Cambodia, which included six Healthcare partners.

Through these partnerships, Tune Protect is able to provide complementary solutions to customers with its partners’ expertise and open up greater access for customers to obtain the Company’s products and propositions. The complementary propositions offered by the Company include the health and wellness programmes by Naluri, telemedicine services by Health2GO and second medical opinion (myEliteDoctor) by Preferred Global Health (PGH).

Tune Protect also works together closely with Yayasan Chow Kit (“YCK”) for its children’s health fund, Madhya’s Gift where they provide healthcare access to children from less privileged families who are in need of medical treatment. For every purchase of PRO-Health Medical plan, the Company pledges to contribute RM6 to this health fund.

The Naluri and YCK initiatives are part of Tune Protect’s sustainability commitment where PRO-Health Medical was the first product of the Company to be embedded with health and wellness propositions, in addition to charity. This sustainability commitment will continue in future online product launches.

“Tune Protect may have started out with a low base in terms of business-to-consumer (B2C) health insurance, however we are focused to build scale through our current and future products in the pipeline, competitive products and prices, and strategic partnerships to reach out to newer audiences while offering enhanced value for our customers,” Ben concluded.

For more information about Tune Protect, please visit

2 National Health & Morbidity Survey 2019 – only 22% of Malaysians have personal health insurance
3 Oxford Economics Global, Global Health Organization in 2018, the population for people aged 15-64 in Malaysia stands at 69.5% and in 10 years, it will be 68.4%. In Thailand, by 2037, 30% of the population will be an aging population (Ministry of Social Development and Human Security)

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Tune Protect Wins Two Awards in the MSWG-ASEAN Corporate Governance Award 2020

Win Marks Second Consecutive Year of Tune Protect Receiving the Honours

KUALA LUMPUR, 15 SEPTEMBER 2021Tune Protect Group Berhad (“Tune Protect” or “the Company”) has been named winner of two awards in the MSWG-ASEAN Corporate Governance Award 2020, organised by the Minority Shareholders Watch Group (“MSWG”). This year, the Company was awarded the Excellence Award for CG Disclosure (Market Cap Above RM 100 million to RM 300 million) and the Industry Excellence Award (Financial Services).

This is the second consecutive year of Tune Protect receiving the honours from MSWG. Tune Protect also rose from 31st place in 2019 to 12th place in 2020 under the “Top 100 Companies for CG Disclosure. In 2019, the Company had also won first in the Merit Award for Most Improved category.

The MSWG-ASEAN Corporate Governance Award is an annual award that aims to recognise the achievements of Malaysian public-listed companies (“PLCs”) that have demonstrated high standards of Corporate Governance (“CG”) practices and they are assessed using the ASEAN CG Scorecard Methodology.

A total of 851 Malaysian PLCs were assessed in 2020 based on the respective PLCs’ latest annual report, CG report and sustainability report for the financial year ended 30 April 2019 to 31 March 2020. Other sources of information include corporate websites, public announcements on Bursa Malaysia, as well as other publicly available information such as media and analysts’ reports.

“On behalf of MSWG, we would like to congratulate Tune Protect Group Berhad for the well-deserved recognition as only 38 companies are recognised for the awards from a total of 851 PLCs. Tune Protect has continued to improve its corporate governance standards over the years. Their improvement has landed them with the two awards for 2020 assessment,” said MSWG Chief Executive Officer Devanesan Evanson.

“We are very honored to receive both the Excellence Award for CG Disclosure and the Industry Excellence Award (Financial Services). To be recognised alongside other esteemed PLCs, especially in the Financial Services category will only spur us on to uphold the highest standards of ethics, integrity, and corporate governance. We would like to express our gratitude towards MSWG for the recognition two years in a row,” said Rohit Nambiar (“Rohit”), Group Chief Executive Officer of Tune Protect.

“Tune Protect believes that a strong corporate governance framework and culture translates into a sustainable company that delivers high value for all its stakeholders. As a financial services institution, the Company, with guidance from the Board of Directors, will continue to improve on its CG standards by adopting best practices recommended by relevant regulatory bodies, and providing relevant disclosures on its publicly accessible platforms for greater transparency to its stakeholders including minority shareholders”, added Rohit.

For more information about Tune Protect, please visit Tune Protect’s website at

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Tune Protect Group 2Q revenue improves, banks on diverse partnership base to drive growth in health and lifestyle segments


  • Group’s 2Q21 underwriting profit rose >100% YoY
  • Underwriting profit lifted by higher NEP and improved net claims ratio
  • Growing Health and Lifestyle through strategic partnerships

Kuala Lumpur, 23 August 2021Tune Protect Group Berhad’s (“Tune Protect” or “Group”; TUNEPRO, 5230) continues to show resilience in weathering economic challenges, with underwriting (“UW”) profit rising more than 100% year-on-year (“YoY”) in 2Q2021 from a loss of RM2.1 million to a profit of RM7.7 million. The Group’s Gross Written Premium (“GWP”) rose 27% YoY to RM129.4 million while Profit After Tax (“PAT”) dipped 5% YoY to RM17.8 million mainly from lower investment, though it was partially offset by better underwriting profit. Investment income1 was lower by 34.7% YoY as 2Q20 investment last year staged a strong rebound after the dip in March 2020.

Group Chief Executive Officer of Tune Protect Rohit Nambiar (“Rohit”) is positive about the Group’s prospects and attributes the commendable 2Q2021 results to higher Net Earned Premium (“NEP”) and improved net claims ratio. The Group’s NEP increased 22% to RM43.2 million mainly contributed by the Group’s reinsurance subsidiary, Tune Protect Re while net claims ratio improved by 36.9%.

Group Performance

Group Performance by Key Business Pillars
The Group is banking on the growing strength of its 3 core business pillars of Health, Lifestyle, and Small and Medium Enterprise (“SME”) to drive future growth. In the 2Q2021, the Group registered GWP of RM3.9 million, RM37.2 million and RM9.2 million from Health, Lifestyle and SME respectively.

“As we continue to grow our 3 core business pillars, contribution from our commercial business to the overall business portfolio is expected to reduce. As our Lifestyle and Health segments start to gain attention, we will continue to introduce more products and propositions in these segments across different markets in ASEAN and the Middle East,” said Rohit.

New growth opportunities in Health and Lifestyle
“The strategies underlying our Health and Lifestyle pillars are to offer customisable and value-added solutions to our customers via our business-to-consumer (B2C) channels and widen our distribution network through partnerships,” explained Rohit.

To date, the Group has launched several products in the Health segment such as PRO-Health Medical – a cashless health coverage targeting millennials; VSafe COVID which covers for the infection of the disease and the side effects of the vaccine; and myFlexi CI – a customisable critical illness plan. In addition to that, these products are complemented with value-added propositions offered by the Group’s strategic partners such as emotional wellbeing assessment for policyholders; teleconsultation as well as second medical opinion services.

“The Group will be replicating the same products and propositions across multiple geographies. We are also planning a new no frills cashless health coverage leveraging on low prices to target the B40 segment,” explained Rohit.

There were also innovative offerings from the Lifestyle segment, such as Home Easy & Home Shield, a residential building and home content protection with great flexibility for homeowners to tailor their plan with optional add-ons to meet their individual needs. It also offers up to 40% savings in premium with complimentary benefits if customers opt to cover both their homes and its contents. The Group also launched student assurance in the Middle East and inland transportation insurance in Indonesia and Thailand.

In the pipeline, the Group will soon be introducing pet-related coverages and eyewear protection.

Innovative digital solutions for SMEs
In the SME segment, the Group intends to provide innovative digital propositions to its SME customers. In 1H2021, the Group introduced worksites marketing by providing free training to SMEs and cross-selling insurance to SMEs.

Moving forward, the Group has various SME solutions in the pipeline, including SME Digital, an online insurance for SME/micro-SME and consignment insurance for e-commerce entrepreneurs. To encourage the take up of insurance among the SMEs, the Group will introduce an easy payment plan with flexible premium instalment of up to 6 months and provide complementary e-business training for SME customers via a strategic partnership with Redbeat Academy.

Leading the way in ESG and DE&I
The Group also leads the way on the Environmental, Social and Governance (“ESG”) front, with a rating of 3.1 (out of 5.0) in the latest FTSE ESG semi-annual review 2021. In addition, the Group has also moved up a quartile to the top 25% by ESG Ratings amongst PLCs in FBM EMAS which was assessed by FTSE Russell, making it the only insurer in that quartile.

“The Group is committed to further enhancing our ESG practices for the benefit of our customers, shareholders and other key stakeholders. Furthermore, we are now a corporate member of the 30% Club Malaysia, a local chapter of a global business-led campaign focused on building an ecosystem of businesses to promote diversity, equity, and inclusion with a focus on gender balance on Boards and C-suites,” Rohit concluded.

1 & 2 Consist of investment income, realised gains and fair value gains
3 Excluding management expenses

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