{"id":7547,"date":"2021-11-17T17:55:56","date_gmt":"2021-11-17T09:55:56","guid":{"rendered":"https:\/\/www.tuneprotect.com\/my\/?p=7547"},"modified":"2024-01-23T15:48:02","modified_gmt":"2024-01-23T07:48:02","slug":"tune-protect-registered-double-digit-topline-growth-in-3q21-underwriting-profit-recovered-from-losses","status":"publish","type":"post","link":"https:\/\/www.tuneprotect.com\/my\/2021\/11\/tune-protect-registered-double-digit-topline-growth-in-3q21-underwriting-profit-recovered-from-losses\/","title":{"rendered":"Tune Protect registered double digit topline growth in 3Q21, Underwriting Profit recovered from losses"},"content":{"rendered":"<strong>Highlights<\/strong>\r\n<ul>\r\n<li>3Q21 GWP grew 15.2% YoY; Underwriting Profit recovered YoY from\r\nlosses<\/li>\r\n<li>Growth in Travel expected to continue in 4Q21 and progressing into 2022<\/li>\r\n<li>Health and Lifestyle pillars to spur topline growth further<\/li>\r\n<\/ul>\r\n\r\n<strong>KUALA LUMPUR, 17 NOVEMBER 2021<\/strong> &#8211; <strong>Tune Protect Group Berhad<\/strong> (\u201cTune Protect\u201d or \u201cGroup\u201d; TUNEPRO, 5230) recorded an improvement in Gross Written Premiums (\u201cGWP\u201d) by 15.2% year-on-year (\u201cYoY\u201d) 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\u2019s Underwriting Profit of RM0.3 million for 3Q21. \r\n<br><br>\r\n\u201cWe 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,\u201d said <strong>Rohit Nambiar (\u201cRohit\u201d) Tune Protect Group Chief Executive Officer<\/strong>.\t\r\n<br><br>\r\nRohit also attributes the improvement in the Group\u2019s 3Q21 Underwriting Profit to favourable claims experience, which had also contributed to a 22.7% improvement to the Group\u2019s Combined Ratio of 99.4%. Net Earned Premiums (\u201cNEP\u201d) also rose YoY by 1.9%, though the growth was lower as the Group\u2019s Malaysian General Insurance subsidiary, Tune Protect Malaysia (\u201cTPM\u201d) had a higher cession of the Group\u2019s commercial business. \r\n<br><br>\r\nThe Group however registered a marginal Loss After Tax (\u201cLAT\u201d) of RM0.8 million in 3Q21, due to lower net investment income and share of losses of RM3.1 million from the Group\u2019s Thai associate, Tune Protect Thailand (\u201cTPT\u201d) mainly from a group PA account exposure.  \r\n<br><br>\r\nRohit commented, \u201cThe gradual recovery of the Group\u2019s 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.\u201d\r\n<br><br>\r\n\r\n<strong>Group Performance<\/strong><br>\r\n<img src=\"https:\/\/s3-ap-southeast-1.amazonaws.com\/tuneprotect.com\/tpr\/static-tuneprotect\/images\/TuneProtect_Group_Performance_3Q21.png\" alt=\"\"><br>\r\n<sup>1<\/sup> <em>Aggregate of investment income, realised gains and losses, and fair value gains and losses<\/em>\r\n<br><br>\r\n\r\n<strong>Group Performance by Key Business Pillars<\/strong><br>\r\n<img src=\"https:\/\/s3-ap-southeast-1.amazonaws.com\/tuneprotect.com\/tpr\/static-tuneprotect\/images\/TuneProtect_Group_Performance_Key_Business_Pillars_3Q2021.png\" alt=\"\"><br>\r\n<sup>2<\/sup> <em>Excluding management expenses<\/em>\r\n<br><br>\r\n<strong>Health &#038; Lifestyle in motion<\/strong><br>\r\n\r\nRohit remains bullish about the overall market outlook. Other than the Travel segment, he also expects the Health and Lifestyle pillars to boost the Group\u2019s topline into next year with more products expected to be launched in 2022.\r\n<br><br>\r\n\u201cOur 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,\u201d said Rohit. \r\n<br><br>\r\nTo date, the Group has launched several products in the Health segment such as PRO-Health Medical \u2013 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 \u2013 a customisable critical illness plan. In addition to that, these products are complemented with value-added propositions offered by the Group\u2019s 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. \r\n<br><br>\r\nThere were also innovative offerings from the Lifestyle segment this year, such as Home Easy &#038; 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.\r\n<br><br>\r\nIn 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.  \r\n  <br><br>\r\nIn 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. \r\n<br><br>\r\n<strong>Sustainability at the core<\/strong><br>\r\n\r\nThe CEO reaffirms the Group\u2019s strong commitment to a sustainable future in line with its Environment, Social and Governance (ESG) goals.\r\n<br><br>\r\n\u201cTo 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,\u201d Rohit elaborated.\r\n<br><br>\r\nThe company is supportive of the government\u2019s recent Budget 2022 which made it mandatory for all Public Listed Companies (PLCs) to appoint at least one woman to the Board of Directors.\r\n<br><br>\r\n\u201cWe are currently above the Malaysian Code on Corporate Governance (MCCG) recommendation of having at least 30% women representation,\u201d Rohit concluded.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"Highlights 3Q21 GWP grew 15.2% YoY; Underwriting Profit recovered YoY from losses 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 2021 &#8211; Tune Protect Group Berhad (\u201cTune Protect\u201d or \u201cGroup\u201d; TUNEPRO, 5230) recorded an improvement in Gross Written [&hellip;]","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/posts\/7547"}],"collection":[{"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/comments?post=7547"}],"version-history":[{"count":2,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/posts\/7547\/revisions"}],"predecessor-version":[{"id":7551,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/posts\/7547\/revisions\/7551"}],"wp:attachment":[{"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/media?parent=7547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/categories?post=7547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tuneprotect.com\/my\/wp-api\/wp\/v2\/tags?post=7547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}