BUSINESS

TUNE PROTECT RECORD LOWER NET PROFIT IN 3RD QUARTER

15/11/2018 09:36 PM

KUALA LUMPUR, Nov 15 (Bernama) -- Tune Protect Group Bhd’s net profit eased to RM9.13 million in the third quarter ended Sept 30, 2018 from RM12.73 million in the same period a year earlier. 

Revenue for the quarter was slightly higher at RM141.49 million compared with RM140.12 million previously due to increased gross earned premiums of RM3.1 million, it said in a filing with Bursa Malaysia today.

The higher revenue was also attributed to easier investment income at RM1.7 million, mainly due to lower investment income from the Malaysia Motor Insurance Pool and interest income that was offset by increase in dividend from collective investment schemes as a result of higher placements in unit trust funds. 

Meanwhile, the group said its overseas ventures in Thailand, India, as well as in European, Middle Eastern and African countries charted better net profit growth in the quarter with their share of results growing by 68.8 per cent collectively due to better underwriting performance.

For local general insurance business, the group’s foray in the property market is becoming more visible with another affinity partnership sealed with Dax Venture, a property solutions tech start-up offering innovative insurance coverage to protect homeowners against tenants’ default and associated losses, it added. 

Another collaboration, which is making good progress, is a tie-up with a leading property developer.

Targeted to be finalised in the first quarter of next year, the group said the tie-up would offer house owners and resident communities a revolutionary solution on mobile financial services, which will include insurance coverage.

Meanwhile, in the travel retakaful business, the group is now present in Iraq, Oman and Lebanon, in addition to Bahrain and the United Arab Emirates, while finalising terms with Kuwait and Indonesia by year-end. 

-- BERNAMA


 


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