Tune Protect continues turnaround with RM3.76mil net profit in 3Q

KUALA LUMPUR: Tune Protect Group Bhd is confident of delivering favourable investment returns with its investment strategy moving forward.

The insurer, which has a portfolio valued at RM714.5mil as at end-September 2023, said nearly 80% of the portfolio was invested in money market funds and term deposits.

"Our conservative asset allocation continues to shield us from recent market volatility. We will remain vigilant on developments in both global and local capital markets," said group CEO Rohit Nambiar in a statement.

In the third quarter ended Sept 30, 2023, Tune Protect continued its turnaround, posting a net profit of RM3.76mil as compared to a net loss of RM10.16mil in the same quarter in 2022, due to improvements in underwriting performance and investments.

This represented a basic earnings per share of 0.5 sen as compared a loss per share of 1.35 sen in 3Q22.

Revenue during the quarter was RM106.94mil, up from RM126.25mil in 3Q22.

According to Rohit, the group's net written premiums across all the main pillars increased 22% year-on-year, which more than compensated for the absence of the Perlindungan Tenang scheme that was discontinued in FY23.

For the nine months period in 2023, the group recorded a net profit of RM15.25mil against a net loss of RM36.36mil in 9MFY22, while revenue was RM331.07mil compared to RM350.44mil in the comparative period.