Tune Protect ’s earnings slip to RM10.7m in Q2
KUALA LUMPUR, Aug 21 — Tune Protect Group Bhd posted a lower net profit or RM10.71 million in its second quarter ended June 30, 2019, compared to the RM12.81 million recorded a year earlier. Among others, the digital insurer attributed the weaker bottom line to a decrease in net earned premiums...
In a filing with Bursa Malaysia today, it said revenue declined as well to RM124.46 million from RM141.26 million previously due to an RM18.9 million drop in gross earned premiums, which was offset by a RM2.1 million increase in investment income.
Its GWP was down 20.3 per cent to RM207.6 million during the period, mainly due to the business portfolio restructuring exercise.
Meanwhile, the group’s reinsurance arm, Tune Protect Re (TPR), saw encouraging Europe, Middle East, India and Africa (EMEIA) sales via its business-to-business channel, with key markets like the United Arab Emirates and Saudi Arabia registering “compelling growths.”Read more: Malay Mail
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