Tune Protect profit skyrockets in FY 2024

EPS stood at $0.018 (RM0.08).

Tune Protect Group’s net income for fiscal year 2024 (FY 2024) leapt to $0.614m (RM2.74m), surging 1,018.8% year-on-year (YoY).

The group’s profit before tax saw of $0.493m (RM2.2m) in FY 2024, supported by $6.731m (RM30.0m) in realised and unrealised investment income and a $0.987m (RM4.4m) reversal of impairment allowances on insurance receivables and reinsurance assets.

For the year, earnings per share stood at $0.018 (RM0.08).

These gains were partially offset by $5.318m (RM23.7m) in net operating expenses, a $1.503m (RM6.7m) share of loss from an associate due to claims recovery impairment related to RAOT, $0.673m (RM3.0m) in impairment losses on intangible assets from the life insurance entity, and $0.426m (RM1.9m) in realised and unrealised foreign exchange losses due to the strengthening of the MYR against the USD in the general reinsurance segment.

Insurance revenue increased by 4.0% YoY to $87.126m (RM389.2m) in FY 2024. The growth was mainly driven by a $2.244m (RM10.0m) increase in the general insurance segment and $1.099m (RM4.9m) in the general reinsurance segment.

($1.00 = RM4.46)