Tune Ins' gross profit rises to RM58.55m

Tune Ins Holdings Bhd's pre-tax profit for the financial year ended December 31, 2012, increased to RM58.55 million from RM34.19 million recorded in the same period last year.

Revenue surged to RM226.38 million from RM55.87 million chalked up previously due to higher gross earned premiums and investment income, it said in a filing to Bursa Malaysia today.

"The gross earned premiums increased to RM215 million from RM55.5 million in 2011 primarily as a result from the consolidation of Tune Insurance Malaysia Bhd's gross earned premiums prior to its acquisition in May last year.

It was also attributed to an increase in gross earned premiums of the general reinsurance operations, it said.

On prospects, it said the company would continue to capture additional revenue by diversifying product offerings and improving portfolio mix of Tune Insurance Malaysia Bhd's insurance products.

It said the company would also leverage on growth in air-travel, tourism and consumer awareness of the need to purchase travel protection.

Nevertheless, it said the company was expected to continue to grow profits for the financial year ending December 31, 2013.-- Bernama