Tune Protect Group Berhad reported higher earnings for the financial year ended Dec. 31, 2025 (FY25), driven by lower net incurred claims, a greater contribution from travel insurance, and increased investment income. The result comes as several other Asian insurers also reported profit growth for their latest fiscal years, offering regional context for insurance professionals tracking performance across markets.

Net insurance service result and combined ratio

Tune Protect’s profit after tax (PAT) for FY25 rose to RM31.3 million from RM2.7 million a year earlier, while profit before tax (PBT) increased to RM42.9 million from RM2.2 million. Insurance revenue declined 8.1% year over year to RM357.5 million as the group repositioned its book and adjusted its business mix. The net insurance service result increased to RM34 million from RM3 million, and the full-year combined ratio moved to 90.5% from 99.1%. Net incurred claims and attributable expenses fell 25.5% to RM146.2 million, reflecting lower claims in motor and fire and a higher share of travel business in the portfolio.

In the fourth quarter of 2025, the net insurance service result rose 15.1% year over year to RM12.8 million, while net incurred claims and attributable expenses decreased 21.5% to RM34.8 million. The quarterly combined ratio improved to 86.5% from 88.7%. PBT for the quarter grew 48.2% to RM10.7 million, while PAT fell 28.4% to RM6.8 million, in part due to deferred tax asset recognition in the prior-year quarter. “Our PBT and PAT growth of more than 100% YoY was underpinned by strong net insurance service result, complemented by higher investment income arising from our strategy to shift unit trust investments from low-risk asset funds into corporate bond funds. We also managed to lower total other income and expenses in line with our ongoing cost optimisation initiatives. Furthermore, share of results from the group’s Thai associate showed significant improvement,” group chief executive officer How Kim Lian (pictured) said.

Investment allocation and income trends

Tune Protect’s total investment income rose 10.8% to RM33.3 million in FY25, from RM30 million in FY24. Fourth-quarter investment income was RM6 million, up 6.9% from RM5.7 million in the same period a year earlier. As at Dec. 31, 2025, the group’s investment portfolio stood at RM757.6 million, comprising 94% fixed income funds and 6% money market funds. “In FY25, the group conducted a portfolio reallocation into higher yielding corporate bond funds which drove stronger investment income, despite a slight offset from market profit-taking in 2H25. Our plan is to continue increasing our allocation towards higher-yielding corporate bond funds to maximise our investment returns in FY26,” How said. Total other income and expenses improved to RM22.3 million from RM24.3 million, consistent with cost measures implemented by the group.

Travel and technology-linked revenues

Gross written premium (GWP) for 2025 fell 3.7% year on year as the group emphasised pricing, margin, and portfolio quality. Within that, travel insurance expanded, with travel GWP up 25.6% year on year. Online take-up rates rose 15.7%, policy counts increased 17.8%, and average premium per policy grew 7.1%. In Tune Protect’s vertical expertise segment, ancillary and technology-related revenue increased sixfold from the first quarter of 2025 to reach RM20.9 million in GWP. The group is using these activities to add fee- and service-based income alongside traditional risk transfer. The group also reported an improved contribution from its Thai associate compared with the prior year, which supported the FY25 result.

Regional comparison with Asian insurers

Against larger regional life and multi-line groups, Tune Protect’s earnings base remains smaller, but its year-on-year profit growth aligns with a broader regional pattern of improved results. In Singapore, Great Eastern Holdings Limited reported profit attributable to shareholders of SG$1.21 billion for FY25, up 21% year on year for the 12 months ended Dec. 31, 2025. The group cited favourable investment performance and continued earnings from its in-force book. Total weighted new sales declined 15% as Great Eastern shifted its product mix, while new business embedded value rose 19% to SG$739.7 million, supported by higher margins and increased bancassurance contribution in Singapore. Great Eastern’s trajectory differs from Tune Protect’s general insurance focus. While Tune Protect reported lower insurance revenue alongside an improved combined ratio and higher PAT, Great Eastern has been moving away from short-term, single-premium life products toward longer-duration offerings, with lower new business volumes but higher value per unit of new business.

In Japan, MS&AD Insurance Group Holdings, Inc. recorded net income attributable to parent company shareholders of about ¥691.6 billion (roughly US$4.8 billion) for the fiscal year ended March 2025, up around ¥322.3 billion year on year. Ordinary profit rose to about ¥928.9 billion, with total ordinary income of about ¥6.66 trillion, including approximately ¥5.40 trillion from underwriting and ¥1.20 trillion from investments.

The group has indicated expectations of lower ordinary profit and net income in the subsequent year, citing potential pressure from investment markets and domestic natural catastrophe losses, but FY2025 still represented a notable year-on-year earnings increase. Set against these larger Asian insurers, Tune Protect’s FY25 PAT of RM31.3 million (about US$6.7 million) illustrates the gap in absolute scale between a focused general insurer with a concentration in travel and diversified regional or global groups. However, all three reported higher profits for their most recent completed fiscal years, with investment income, product mix, and portfolio allocation playing key roles in performance.

Outlook for 2026 and travel-related demand

For 2026, management has set a target of more than 20% top-line growth while maintaining an emphasis on underwriting discipline and claims management. The group aims to deepen its presence in segments such as travel and fire and to expand embedded insurance and other partnership-led offerings in Asia and other markets where it operates. Tune Protect has recorded six consecutive profitable quarters. The group expects travel-related demand to continue, supported by Malaysia’s Visit Malaysia 2026 campaign and by a potentially stronger ringgit that could influence outbound travel. Management expects these factors to support demand for travel personal accident and related covers and to contribute to earnings and underwriting results as the group executes its FY26 strategy.