Tune Ins 4Q profit doubles, consolidates subsidiary income

KUALA LUMPUR (Feb 28): Tune Ins Holdings Bhd's net profit more than doubled to RM18.03 million in the fourth quarter ended December 31, 2012 (4QFY12) from RM6.68 million a year earlier as the insurer consolidated income from a subsidiary which it acquired last year.

In a statement to the exchange, Tune said it had consolidated Tune Insurance Malaysia Bhd’s (TIMB)  gross premiums and investment income. The acquisition had helped Tune's revenue rise to RM90.23 million in 4QFY12 from RM15.72 million previously.

Full-year net profit climbed to RM41.48 million from RM27.26 million a year earlier while revenue was higher at RM226.38 million against RM55.87 million.

Looking ahead, Tune Ins expects its bottom line to grow in FY13 as the insurer expands its product range and capitalise on demand for travel insurance.

The company which was listed last week (February 20) has managed to secure market interest by virtue of its links with low-cost carrier AirAsia.

Tune Ins is a unit under the Tune Group banner which is jointly-owned by AirAsia founders Tan Sri Tony Fernandes and Datuk Kamaruddin Meranun.

As such, Tune Ins’ insurance products can be crossed sold to customers of AirAsia and Tune Hotels as a primary strategy to grow the insurer's business.

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