KUALA LUMPUR: Tune Ins Holdings Bhd (TIH) recorded profit after tax (PAT) of RM17.2mil in the first quarter (Q1) ended March 31, 2015, a 6.9% increase over the same period last year due to a strong travel business.
It said in a statement that the growth was achieved if a one-time gain of RM4.3mil from the sale of a property in the corresponding quarter a year ago was excluded.
With the one-time gain included, PAT fell by 15.7% year-on-year (y-o-y).
It said the global travel business posted strong growth with gross written premium (GWP) and net earned premium delivering y-o-y increases of 16.9% and 10.5% respectively, thanks to improved travel climate coupled with higher take-up rates across major markets.
TIH chief executive officer Junior Cho said at the start of the year, the company faced softness in travel within Asean due to the Indonesia AirAsia Flight QZ8501 incident in December but there was a steady recovery towards the tail end of Q1.
Of the group’s PAT of RM17.2mil for the quarter, 88.1% was contributed by its strong travel business.
Tune Insurance Thailand delivered a small PAT for the quarter, with TIH’s share at RM0.8mil against slightly higher marketing and management expenses incurred, it said.
TIH said the Tune Protect joint venture with Cozmo Travel in United Arab Emirates posted an exceptional quarter, whereby its Q1 PAT exceeded its PAT a year earlier.