[TUNE PROTECT GROUP BHD，承保业务的净索赔减少，管理费用减少，营销费用更低]
Revenue increased from RM130.1m in 1Q17 to RM143m in 1Q18. The increase of RM12.9m was due to:
-Increase of RM11.4m in gross earned premiums contributed by the increase in Motor class of general insurance business;
-Increase of RM1.5m in investment income due to dividend income received from unit trust funds.
The increase of RM5.2m or 34.4% in profit before tax from RM15.1m in 1Q17 to Rm20.3m in 1Q18 was due to:
-Decrease in net claims incurred of RM5.9m;
-Decrease in marketing expenses by RM0.7m and provision for doubtful debts by RM2m.
Revenue increased from RM138.5m in 4Q17 to RM143m in 1Q18. The increase of RM4.5m was due to:
-Increase of RM6m in gross earned premiums mainly in Motor class of the general insurance business.
Profit increased from RM8.9m in 4Q17 to RM20.3m in 1Q18. The increase of RM11.4m was due to decrease in net claims incurred.
The Group recorded growth in the first quarter of 2018 in operating revenue attributable to the growth in digital global Travel business in the general reinsurance business and Motor class in the general insurance business. Profit after tax also increased due to improved underwriting performance from lower net claims incurred, as well as reduced management expenses with better collections and lower marketing expenses.
The growing strength of the digital channels of the business will continue its trending for the Group moving forward, in line with its vision to be the leading digital insurer in the region. The growth in the digital channels is largely attributed to the digital global Travel business and Tune Protect direct-to-consumer platform (www.tuneprotect.com). Comprehensive and bundled insurance products have proven to produce positive results in the digital global Travel business, as the Group continues to optimise algorithms and personalise offers leading to higher take up rates for the business.
Moving ahead into the year, the Group is exploring opportunities to collaborate in the Insuretech space to further facilitate the growth of our digital business. In May 2018, they have partnered with a 5th airline which opens up a wider Middle-East market for the digital global Travel business. In line with one of its strategic pillars, the general insurance business plans to grow by acquiring critical mass through affinity partnerships in the Non-Motor business.
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