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Thursday, February 23, 2017

Tune Protect 4Q net profit falls 30% on year

By Sangeetha Amarthalingam / theedgemarkets.com | February 23, 2017 : 2:33 PM MYT

KUALA LUMPUR (Feb 23): Tune Protect Group Bhd's net profit fell 30% to RM16.54 million in its fourth quarter ended Dec 31, 2016 (4QFY16) from RM23.49 million a year earlier, as the insurer registered lower net earned premiums and higher claims.

Tune Protect told Bursa Malaysia today higher expenses also led to the profit drop. Revenue was higher at RM135.47 million compared to RM130.92 million.

The company said the revenue rise was "due mainly to the improvement in gross earned premiums of motor, engineering and medical classes in general insurance segment".

According to Tune Protect's income statement, 4QFY16 net earned premiums fell to RM84.75 million from RM86.02 million. Net claims rose to RM37.12 million from RM30.78 million.

Tune Protect said full-year net profit rose to RM79.98 million from RM68.97 million a year earlier. Revenue climbed to RM516.62 million from RM480.19 million.

At 12.30pm, the counter fell 1 sen or 0.7% to RM1.41, for a market capitalisation of RM1.07 billion.

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