KUALA LUMPUR: Tune Protect Group Bhd posted a slightly lower net profit of RM13.41 million for the second quarter ended June 30, 2018 (Q2 2018) compared with RM13.44 million in the corresponding quarter last year.
Revenue increased to RM141.26 million from RM133.88 million previously, it said in a filing to Bursa Malaysia.
Meanwhile, in a separate statement, the company said profit after tax (PAT) for the first half of 2018 (H1 2018) rose 18 per cent increase year-on-year to RM31.65 million.
“This was attributed to increased underwriting profits by 42 per cent year-on-year, from lower net claims and reduced management expenses,” it said.
The Group’s General Insurance business in Malaysia recorded a 31 per cent year-on-year increase in PAT in H1 2018 while PAT in Q2 2018 rose 65 per cent year-on-year.
The growth in business was contributed by higher quota share arrangements, favourable prior years claim development and better collection of receivables.
The Digital Travel Global business recorded a broad-based increase of eight per cent in gross written premium (GWP) while the number of policies issued grew by 86 per cent in H1 2018 amongst the major airline partners.
It recorded a GWP of RM122.1 million with operating revenue of RM141.3 million and PAT of RM13.4 million in Q2 2018.
The Group continues to pursue market expansion by penetrating an enlarged Indo-China and Middle East customer base.
The Group is also in talks with AirArabia to offer takaful products alongside their current offering.