Tune Protect Group Berhad displayed sustained strong topline growth in 3Q22, as evidenced by its gradual improvement of investment losses and recovery of its Thai operations. The Group posted an impressive growth of overall Net Written Premiums to RM72.8 million and Net Earned Premiums to RM72.3 million, rising by 68.5% and 64.3% Year-on-Year (“YoY”) respectively.
The 3Q22 results were underpinned by strong retention ratios across all lines of business and improvements in the claims trend of the Group’s Thailand associate Tune Protect Thailand. The Group, however, recorded a loss after tax of RM12.2 million as the high topline growth requires time to be realised as earned premiums in addition to normalisation of Motor claims post lockdown and investment losses. This was an improvement over 2Q22, and the Group expects this to continue to improve over the next quarters.
The group said its number of unique active customers has risen from 1.5 million in 1Q22 to 1.8 million in this quarter, a 20% increase over the year. The number of digital policies has also increased by 19% from 6.33 million in 9M21 to 7.53 million in 9M22.
“We’ve launched a regional brand campaign in September 2022 with a focus on driving engagement on our mobile app with the ‘Click to Start’ campaign. Coupled with the aggressive e-Commerce and digital marketing campaigns, we are seeing favourable results in the number of customers and policies,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.
