- Strong profit growth in FY25: PBT, PAT and net insurance service results increased more than 100% YoY.
- Regional business momentum: Sustained momentum in Travel segment, growth of 25.6% YoY
- New ancillary income streams: Achieved six-fold growth since 1Q25, contributing an additional RM20.9 million in revenue.
Lower Net Incurred Claims, Strong Travel Growth in FY25 The Group’s net insurance service result grew by more than 100% YoY in FY25 with an improvement of 8.6 percentage point in combined ratio. This was mainly driven by key factors including lower net incurred claims from a more favourable Motor and Fire claims experience and Travel increasing its weightage in the overall portfolio.
The strong net insurance service result was also reflected in 4Q25 with growth of 15.1% YoY mainly driven by lower net incurred claims from more favourable non-Motor claims and higher amortisation cost in tandem with the higher Travel weightage.
On a 4Q25 basis, PBT rose favourably by 48.2% to RM10.7 million, while PAT declined by 28.4% to RM6.8 million YoY. The decline in PAT is partially due to the deferred tax asset recognition in 4Q24.
“Our PBT and PAT growth of more than 100% YoY was underpinned by strong net insurance service result, complemented by higher investment income arising from our strategy to shift unit trust investments from low-risk asset funds into corporate bond funds. We also managed to lower total other income and expenses in line with our ongoing cost optimisation initiatives. Furthermore, share of results from the Group’s Thai Associate showed significant improvement,” said How Kim Lian (“How”), Group Chief Executive Officer of Tune Protect.
Solid Combined Ratio Led by Favourable Claims Experience In both 4Q25 and FY25, there were notable improvements in combined ratio performance at 86.5% and 90.5% respectively, driven by lower net incurred claims and attributable expenses ratio. Favourable factors for the Group’s combined ratio included lower net incurred claims from more favourable Motor and Fire claims experience.
Corporate Bonds Drove Strong Investment Income The Group’s investment income improved in 4Q25 and FY25 to RM6.0 million and RM33.3 million respectively, up 6.9% and 10.8% YoY. The Group’s investment portfolio stood at RM757.6 million investment as of 31st December 2025 comprising 94% fixed income funds and 6% money market funds.
“In FY25, the Group conducted a portfolio reallocation into higher yielding corporate bond funds which drove stronger investment income, despite a slight offset from market profit-taking in 2H25. Our plan is to continue increasing our allocation towards higher-yielding corporate bond funds to maximise our investment returns in FY26,” said How.
2025 Highlights Tune Protect delivered a strong performance in 2025, driven by disciplined execution across its in country General Insurance business and continued emphasis on profitability. The Group recorded over 100% PAT growth YoY, supported by 3.9% improvement in cost optimisation and a combined ratio of 90.5% in FY25. While total Gross Written Premium (“GWP”) experienced a modest 3.7% YoY decline, Tune Protect strengthened the quality of its portfolio, reinforcing healthier growth fundamentals and margin expansion.
The Group’s strategic regional business accelerated meaningfully, with Travel GWP surging 25.6% YoY, alongside improvements in both online take up rate (+15.7%) and policy count (+17.8%). Average premium also increased by 7.1% year on year, reflecting stronger demand and scale. In its vertical expertise segment, Tune Protect achieved impressive momentum, delivering a six fold growth in ancillary and technology related revenue since 1Q25, amounting to RM20.9 million in GWP, underscoring the Group’s success in expanding beyond insurance and monetising its Tech capabilities.
Moving Into 2026 Tune Protect will sharpen its strategic focus on scaling topline growth while maintaining strict underwriting discipline. The Group’s priorities centre on disciplined underwriting through continuous claims management and a deliberate focus on profitable segments. This approach ensures that growth is driven by sustainable, risk appropriate portfolios, reinforcing the Group’s commitment to delivering consistent underwriting performance even as it accelerates expansion.
Tune Protect aims to achieve more than 20% topline growth by deepening its presence in preferred segments such as Travel and Fire. This will be supported by strengthening the Group’s unique value proposition through ecosystem differentiation, expanding industry specific expertise, and intensifying partnership integration, particularly in embedded insurance. Together, these priorities position Tune Protect to capture new revenue opportunities, enhance customer reach, and build long term resilience as the organisation advances into 2026.
Entering the new year, Tune Protect is well positioned to build on its momentum, having achieved six consecutive profitable quarters, which places the Group in an ideal position for sustainable growth and profitability. Growth in the Travel segment is expected to remain robust, supported by the Visit Malaysia 2026 campaign, which is set to boost inbound tourism, while a stronger Ringgit is anticipated to encourage outbound travel. Both trends are expected to drive continued demand for Travel Personal Accident coverage, reinforcing the Group’s confidence in sustaining positive performance as it moves into the next phase of its strategic journey.
