Tune Protect Group Berhad posted its Gross Written Premiums (GWP) of RM122.1 million with Operating Revenue (OR) of RM141.3 million and Profit After Tax (PAT) of RM13.4 million for the second quarter of 2018.

The Revenue increased to RM141.26 million while the PAT for 1H2018 recorded an 18 per cent increase year-on-year to RM31.7 million which was attributed to increased underwriting profits by 42 per cent year-on-year, from lower net claims and reduced management expenses.

The Group’s OR increased by 8 per cent contributed from higher premiums in Motor and Travel classes of business, as well as better investment income.

The Group’s General Insurance business in Malaysia recorded a 31 per cent year-on-year increase in PAT in H1 2018 while PAT in Q2 2018 rose 65 per cent year-on-year.

The growth in business was contributed by higher quota share arrangements, favourable prior years claim development and better collection of receivables.

The Digital Travel Global business recorded a broad-based increase of eight per cent in GWP while the number of policies issued grew by 86 per cent in H1 2018 amongst the major airline partners.

Moving forward, the Group’s plans to deliver a unified mobile application and an intuitive website whereby the deployment of this project will entail the integration of an omni-channel customer support suite to service varied customer behaviour patterns within a singular platform, it will also improve the speed to market of the Group’s on-demand products.

“The initiatives we are putting into place in 2H2018 are fundamental to our digital agenda as we are now able to reach a wider market place and ensure that we remain competitive in an increasingly fast-moving economy,” said Tune Protect Group chief executive officer, Razman Hafidz Abu Zarim.

Other initiatives, especially on the Insurtech front, as announced in the prior quarter have come to fruition as this quarter sees the successful completion of the Group’s investment in Laka Ltd, a UK based peer-to-peer Insurtech company where the Group now holds 9.99 per cent equity interest allowing Tune Protect to replicate similar business model in Malaysia by the end of the year.

“Tune Protect’s on track to replicate this business model in Asia in the near future, we’re very excited to unlock this untapped market and to provide the platform to connect people with similar interests,” concluded Razman.

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