KUALA LUMPUR: Tune Protect Group Bhd’s net loss narrowed to RM2.97mil in the first quarter ended March 31 (1Q) against a net loss of RM15.45mil a year ago.

       Its loss before tax decreased to RM3mil from RM19.8mil a year prior largely attributed to improvements of RM18.9mil in realised and unrealised investment income offset by increase of RM2.3mil in share of loss of an associate in 1Q.

       The insurer’s operating revenue increased to RM118mil in 1Q from RM117.4mil last year.

       On its prospects, Tune Protect expects its travel insurance segment to chart a stronger and more sustained recovery in the upcoming quarters, following the reopening of borders in Malaysia and various countries, especially in Asean.

       The group anticipates healthy growth in its toplines, especially in the personal accident, motor and health segments.

       It said it is also well-positioned to continue to benefit from various government incentive schemes such as Tenang.

       “On the investment front, both the bond and equity markets are expected to remain volatile in the coming quarters due to uncertainties in the quantum of interest rate hikes in the United States and Malaysia, the Ukraine war and potentially longer than expected lockdown in China.

       “While the group realised that there are still underlying risks and uncertainties surrounding the development of the pandemic and its potential impact to the claims experience of the group's covid related products, the group is optimistic that with a strong capital position, we remain resilient in weathering through the potential negative implications over the medium to longer term,” Tune Protect said.