Tune Protect Group Berhad ended the Financial Year 2022 with a bang by registering a record topline growth and returning to black in the Fourth Quarter of 2022 (“4Q22”) after four consecutive quarterly losses.
The Group recorded its highest Gross Written Premium and Net Written Premium since its Initial Public Offering in 2013. GWP and NWP rose +36% and +72.5% respectively Year-on-Year in FY22. GWP increased from RM409.0 million (FY21) to RM556.1 million (FY22) while NWP soared from RM201.1 million (FY21) to RM347.0 million (FY22). The strong results were achieved despite the fact that the airline’s business has yet to return to pre-Covid levels. The Group’s financial turnaround was driven by growth in preferred segments, i.e., Lifestyle, Health, and SME, which more than compensated for the gradual planned exit from the Group’s legacy commercial business.
“It was our first profitable quarter since 3Q21. Quarter-on-quarter, the Group’s 4Q22 Net Earned Premium (“NEP”) was higher than Net Written Premium (“NWP”) as we are seeing the flow-through of earned premiums,” said Rohit Nambiar (“Rohit”), Tune Protect Group’s Chief Executive Officer.
Rohit remarked that underwriting contribution almost doubled while underwriting loss narrowed by 60%. The investment portfolio rebounded in 4Q22 and ended the year breakeven while Tune Protect Thailand’s (“TPT”) Covid-19 claims stabilised. The Group’s Capital Adequacy Ratio (“CAR”) remains strong and is significantly above regulatory requirements which support future growth. Retention ratio of 62% is on track of meeting our 70% target by end of 2023, while FY22 NWP exceeded even pre-Covid levels,” explained Rohit.
