1QFY16 Financial ResultsAnalyst Presentation

Tune Protect Group Berhad

Insurance Made Easy | May 2016

(formerly known as Tune Ins Holdings Berhad)

2

01

0302

EXECUTIVE

SUMMARY

• Key highlights

• 1QFY16 – Financial

Highlights

• Key Strategies

• Outlook

1Q2016

FINANCIAL

PERFORMANCE

• Group

• Global Travel

• General Insurance

(TIMB)

• Overseas Ventures

APPENDICES

• Other Financial

Indicators

Agenda

3

OVERALL

Global Travel GENERAL INSURANCE

1

3

OutlookKey Highlights

• Group delivered strong Q1 results with +16.4% increase in OR and +41.2% increase in PAT

• Overseas contribution to total profit improved to 6.4% mainly driven by turnaround in Thailand with PAT growth of+87.0%

• Improvement in combined ratio to 75% mainly driven by improvement in net claim ratio for TIMB & lower marketingcost relating to global travel

• GWP growth of 11% yoy for Q1FY16 driven by higherGWP recorded in Malaysia, Cebu & EMEIA

• Underwriting profit growth of 32% mainly driven byimproved combined ratio

• Non-AirAsia partners contributed 11% (up from 2%)to GWP of the total global portfolio for Q1FY16

• PAT growth of 10% from consistent execution ofcustomer focused, marketing initiatives

EMEIA (Europe, the Middle East, India and Africa)

• Strong top line growth of 31.4% despite volatility in the Gulf with recent socio-political uncertainties and impact of low oil prices

Malaysia (TIMB)

• GWP growth of 38% yoy for Q1FY16 (vs industry averagegrowth of 5.6%) mainly resulted from GST impact last yearin which short term policies issued for certain corporateclients in Q1FY15 with the remaining period of coverreflected in April 2015 onwards

• Achieved underwriting margin of 14% for Q1FY16 (-4% inQ1FY15) mainly driven by improvement in claim ratio

• Improved in product profitability especially on Medical &Motor class of business

Thailand (TIPCL)

• Strong growth in PAT of +87.0% after re-balancing ofproduct and accounts portfolios and rationalization ofmarketing investments

2

4

?

Operating Revenue Net Earned Premium

Profit After Tax Combined Ratio

RM mil RM mil

RM mil%

1QFY16 Financial Highlights

1QFY15 1QFY16

111.2129.5

1QFY15 1QFY16

66.0

82.6

1QFY15 1QFY16

17.2

24.3

87.0%

74.9%

1QFY15 1QFY16

Growth of 16.4% yoy in OR mainly drivenby

Increase in GEP of RM17.6 mil mainlyfrom fire, marine & travel PA classes ofbusiness

Increase in investment income ofRM0.7 mil from investment collectivescheme

Growth of 25.2% yoy mainly attributed to

increase of RM12.3 mil mainly inMotor, Medical & Fire classes ofbusiness

Increase of RM4.3 mil from globaltravel

PAT growth of 41.2% yoy mainlyattributed to higher profit contributionfrom

• TIMB: Increase of RM6 mil driven bygrowth in RM12.3 mil in NEP, decreasein net commission of RM1.0 mil andprofit from medical class of RM2 mil

• Global Travel: Increase of RM1.5 milcontributed by growth in NEP ofRM4.3 mil partially offset by FOREXloss of RM2.8 mil

Strong start to 2016 - double digit growth reported in top line and bottom line

Improvement in combined ratio of 12.1%mainly attributed to improvement in netclaim amount for TIMB & lowermarketing cost relating to global travel

5

Continue to grow

with AirAsia

1Global player in

travel insurance

2Strengthen digital

business

fundamentals

3Enhance distribution

channels & optimize

retention

4Strategic Acquisition

5

Pe

rfo

rma

nce

to

da

teA

cti

viti

es

• AirAsia: Sales growth of 10% yoy

• Policies earned increasedby 2% yoy.

• Non-AirAsia partners improved to 11% of YTD Global travel GWP

• Cebu Pacific Air: Sales growth of 69% yoy

• Air Arabia, Cozmo & B2B: Sales growth of 26% yoy

• More than 100% growth yoyin policies sold via direct-to-consumer website and e-commerce partnership

• Improved to 11.9% market share for travel insurance search via online search engine.

• TIMB : Group Medical has turned profitable compared to 2015; improvements in our Motor class of business

• TIPCL: YoY GWP growth of 36% contributed by AirAsia & new business from Sawad (credit financing company), though decline in Osotspa due to lower renewal premium

• Continue to pursue viable acquisition target in Indonesia

• Launched offline channel for Brunei in Mar’16.

• Held several digital campaigns aimed at increasing TUR ie: Iflix movie-on-board (including ad in The Star), digital banners and Starbucks discount promo

• Continue with loyalty programme through multiple partnerships with lifestyle, overseas wifirouter, travel planner companies.

Air Arabia, Cozmo & B2B:

• Air Arabia - Georgiamarket launched

• B2B - 2 new markets launched : Jordon and Kuwait

• Collaborated with “goBear” aggregator program to drive traffic & sales to our direct-to-consumer- website for Tune Trip

• Join forces with leading ride-sharing app. in driving traffic & sales for travel and snatch theft product.

Malaysia (TIMB) • Awarded top overall performance

(1st place) by Perodua

• Awarded an additional Peroduabranch franchise business as a result of better performance than Y2015.

• Launched exclusive partnership with SuperStrap on bundled baggage loss insurance for baggage wraps in 6 airports nationwide.

Thailand (TIPCL)• Re-balancing our product and client

account portfolios – discontinuedunprofitable products

Five Key StrategiesContinue to deliver on our strategies

6

GLOBAL TRAVEL

GENERAL INSURANCE E-COMMERCE PARTNERSHIPS & DIGITAL

1

2 3

Outlook

Partnerships• Partnership/exploring partnerships with

- Online travel agency that offers accommodation booking services through website and app.

- Overseas WiFi Router rental for internet connectivity of travelers during their international trip.

- Online network of automotive portals connecting car buyers and sellers to reach the motor segment.

- Mobile telecommunications service provider- Airline companies, travel related providers.

Digital & Direct• Expanding market share in digital market search for travel.• Expand database marketing to include Takaful products

and regional cross selling

• Industry: Demand for air travel continues to remain resilient as (1) full ratification of ASEAN Open Skies which will driveincreased capacity and new routes (2) government initiatives to promote tourism in Malaysia, e.g visa waiver (3)favourable fare pricing

• Global Travel business is expected to maintain continuous growth via• Grow offline markets via more tied up with travel agents in other countries• Channel innovation via product bundles, insurance on board, insurance on go etc• Continue to enhance customer engagement & loyalty via (1) more collaboration with lifestyle companies (2) more

tactical & awareness campaigns (3) travel alert apps

Malaysia • Industry: Gross premiums are projected to grow at low

single digit; detariffication is expected to increasecompetition with new product offerings & greaterdifferentiation of service offerings etc

• TIMB: Would continue to outpace the industry averagewith new product innovation & expanded channelpartnerships in good progress

Thailand• Industry: Steady growth in the medium to long term,

modest growth is likely in 2016 due to the weak economy

• TIPCL: Core segments e.g. Travel, corporate & directremain key profit contributors

7

01

0302

Agenda

EXECUTIVE

SUMMARY

• Key highlights

• 1QFY16 – Financial

Highlights

• Key Strategies

• Outlook

1Q2016

FINANCIAL

PERFORMANCE

• Group

• Global Travel

• General Insurance

(TIMB)

• Overseas Ventures

APPENDICES

• Other Financial

Indicators

8

TPG Snapshot for 1Q2016 Results

* Excluding share of MMIP investment income

TPG (Consolidated) Q1 2016 Q1 2015 Q1 vs Q1 (%) FY 2015 (in RM’000) A B A vs. B C

Income Statement

Operating Revenue 129,544 111,246 16.4% 480,193

Gross Written Premiums 153,049 113,624 34.7% 473,981

Net Earned Premiums 82,639 65,983 25.2% 303,840

Investment Income* 6,230 5,580 11.6% 23,068

Other Revenue 505 2,301 -78.1% 6,588

Net Fees & Commission (11,930) (12,146) -1.8% (53,534)

Net Claims (28,875) (26,221) 10.1% (122,288)

Management and Other Expenses (24,135) (19,062) 26.6% (82,520)

Share of results of JV 127 128 -0.8% 527

Share of results of associates 1,436 768 87.0% (2,835)

PAT 24,283 17,202 41.2% 72,883Key Ratios

ROE (annualised) 18.9% 14.0% 4.9% 14.8%

ROA (annualised) 7.4% 5.7% 1.7% 6.0%

Basic EPS (sen) 3.01 2.19 37.3% 9.17

Net commission ratio (%) 14.4% 18.4% -4.0% 17.6%

Net claim incurred ratio (%) 34.9% 39.7% -4.8% 40.2%

Management expenses ratio (%) 25.6% 28.9% -3.3% 27.1%

9

Gross Written Premium Net Earned Premium

Profit After Tax

Global Travel

?

• Higher GWP of 11% driven by increase in Malaysia,EMEIA and Cebu

?1Q2016

35.8m 11% yoy

• Higher NEP of 15% underpinned by higher GWP andrelease in UPR of RM0.8 mil

(GWP includes AirAsia, Cebu Pacific, Air Arabia & Cozmo)

• Higher PAT of 10% yoy underpinned by higher NEP of 15% and improved in combined ratio but partially offset by unrealizedforex loss of 2.8mil

• Growth in underwriting profit of 32% mainly driven by improved in combined ratio especially in ME & Commission

1Q2016

33.9m 15% yoy

1Q2016

16.7m 10% yoy

Underwriting Profit

1Q2016

18.5m 32% yoy

1QFY16: 10% growth in PAT driven by NEP growth of 15% coupled with improvement in

combined ratio of 7%

10

?

Gross Written Premium Net Earned Premium

Profit After Tax

?

Malaysia (TIMB)1QFY16: >100% growth in PAT driven by growth in NEP of 33.7% coupled improvement in

combined ratio to 86% & also resulted from GST impact last year

• Growth of 38.0% yoy mainly driven by Fire, Motor, PA & TPA,Marine and Offshore class of businesses and also resulted byGST impact last year in which short term policies issued forcertain corporate clients in Q1FY15 with the remainingperiod of cover reflected in April 2015 onwards

1Q2016

135.3 m 38.0% yoy

1Q2016

48.7 m 33.7% yoy

• Growth of 33.7% yoy underpinned by the increase inMotor, Medical & Fire class of businesses

• Growth of >100% yoy underpinned by higher NEP of 34%yoy, improvement in combined ratio to 86% and alsoresulted from GST impact last year

1Q2016

9.8 m >100% yoy

GWP by type

Motor24.3% (27.9%)

Misc12.4% (14.0%)

Marine16.5% (14.5%)

Fire21.9% (12.7%)

TPA, PA & Medical24.9% (30.9%)

11

1Q2016

RM 0.1m -0.8% yoy

Gross Written Premium (100%) Profit After Tax (49%)

?%

Overseas Ventures

THAILAND

• Higher GWP mainly coming from existing travel businessand new partnerships

1Q2016

RM 12.8 m 43.0% yoy

• Growth of 87.0% in PAT is mainly contributed by higherGWP and improvement in ME as a result of lowermarketing & advertising expenses

1Q2016

RM 1.4 m 87.0% yoy

1QFY16 : 87% increased in profit for Thailand, Middle East performance remains steady

Gross Written Premium (100%) Profit After Tax (49%)

EMEIA (TPCB)

1Q2016

RM 2.5m 31.4% yoy

• Higher GWP of 31.4% as a result of continuous businessgrowth

• Flat in PAT growth mainly because higher strain in UPRcoupled with higher ME as a result of 1st time bonuspayout

12

01

0302

Agenda

EXECUTIVE

SUMMARY

• Key highlights

• 1QFY16 – Financial

Highlights

• Key Strategies

• Outlook

1Q2016

FINANCIAL

PERFORMANCE

• Group

• Global Travel

• General Insurance

(TIMB)

• Overseas Ventures

APPENDICES

• Other Financial

Indicators

13

Operating Revenue Gross Written PremiumRM mil RM mil

451.1 480.2

111.2 129.5

2014 2015 Q1FY15 Q1FY16

434.1474.0

113.6153.0

2014 2015 Q1FY15 Q1FY16

TPG Operating Revenue1QFY16: Healthy growth in top line despite ongoing economic uncertainty in Malaysia

Net Earned Premiums Investment Income **RM mil RM mil

Global Travel

TIMB 20.0 23.1

5.6 6.2

2014 2015 Q1FY15 Q1FY16** Excluding share of MMIP investment income

40.1% 40.8%

44.8% 41.0%

59.9%59.2%

55.2% 59.0%

2014 2015 Q1FY15 Q1FY16

303.8267.0 82.666.0

14

27.1% 26.2% 28.9% 25.6% 31.2% 28.5%21.5%

40.2% 40.6% 39.7%34.9%

37.0%48.3%

35.8%

17.6% 17.4% 18.4%

14.4%

15.5%

17.8%

18.6%

1 Management Expense divided by Net Earned Premiums 2 Sum of Net Claims, Management Expenses & Net Fees and Commissions divided by Net Earned Premiums

ME1

(%)

Combined ratio2

(%)

Net claim(%)

Commission(%)

84.9% 84.2% 87.0% 74.9% 83.7% 94.6% 75.9%

2015 2014 Q1FY15 Q1FY16 Q2FY15 Q3FY15 Q4FY15

Q1FY16 vs Q1FY15 – refer to page 4 for explanation

Q1FY16 vs Q4FY15 – decrease of 0.9% in combined ratio mainly due to

decrease in TIMB’s commission ratio as a result of massive RI commission mainly in Fire, PA & Offshore class of businesses

TPG Combined Ratio

15

72.9 76.1

17.224.3

17.2 13.325.2

RM’mil

PAT

2015 2014 Q1FY15 Q1FY16 Q2FY15 Q3FY15 Q4FY15

Q1FY16 vs Q1FY15 - refer to page 4 for explanation

Q1FY16 vs Q4FY15- Higher NEP recorded in Q4FY15 as generally quarter 4 is the best quarter for travel

TPG Profit After Tax

16

Deposits with FI, 73.3%

Unit and property trust funds, 5.7%

Loans, 0.1%

Debt securities, 21.0%

*

TPG Group

602.0 mil

Portfolio Mix (31 March 2016) Investment Income ** (RM’mil)

5.6 6.2

20.0 23.1

Q1FY15 Q1FY16 2014 2015

1.0% 1.0%

3.6% 3.9%

Q1FY15 Q1FY16 2014 2015* Investment yield for 3 months# Investment income (include rental income & exclude share of MMIP

investment income) /(total investment+ total investment property)

Investment Yield#

TPG Investment Portfolio & Income

** Excluding share of MMIP investment income

* *

# #

* Comprises of wholesale funds from the subsidiaries

1QFY16 : Low risk investment strategy with 11.6% yoy growth recorded in investment income

17

ASIA* ASIA*

^ sold via AirArabia & Cozmo* sold via AirAsia & Cebu Pacific

2015 2016

Policies Earned Policies Issued

Travel Business (Asia & Middle East)

U.A.E40% (56%)

India12% (15%)

Morocco9% (8%)

Egypt3% (4%)

Europe4% (3%)

Others31% (14%)

Malaysia 52% (55%)

Thailand 22% (21%)

Indonesia 8% (8%)

Singapore 4% (4%)

China5% (5%)

Others9% (7%)

Malaysia51% (53%)

Thailand23% (21%)

Indonesia8% (9%)

Singapore4% (4%)

China6% (6%)

Others8% (7%)

U.A.E40% (55%)

India11% (15%)

Morocco 10% (8%)

Egypt3% (4%)

Europe5% (5%)

Others31% (13%)

53.6 K in Q1 2016(vs. 50.0 K in Q1 2015)

53.6 K in FY 2016(vs. 50.0 K in FY 2015)

1.98 million in Q1 2016(vs. 1.94 million in Q1 2015)

MENA & EU^

1.98 million in FY 2016(vs. 1.94 million FY 2015)

50.7 K in Q1 2016(vs. 46.7 K Q1 2015)

50.7 K in FY 2016(vs. 46.7 K FY 2015)

2.01 million in Q1 2016(vs. 2.04 million in Q1 2015)

2.01 million in FY 2016(vs. 2.04 million in FY 2015)

MENA & EU^

Q1 FY Q1 FY

Q1 FY Q1 FY

Malaysia51% (53%)

Thailand23% (21%)

Indonesia8% (9%)

Singapore4% (4%)

China6% (6%)

Others8% (7%)

Malaysia 52% (55%)

Thailand 22% (21%)

Indonesia 8% (8%)

Singapore 4% (4%)

China5% (5%)

Others9% (7%)

U.A.E40% (55%)

India11% (15%)

Morocco 10% (8%)

Egypt3% (4%)

Europe5% (5%)

Others31% (13%)

U.A.E40% (56%)

India12% (15%)

Morocco9% (8%)

Egypt3% (4%)

Europe4% (3%)

Others31% (14%)

18

This presentation has been prepared by Tune Protect Group Berhad (formerly known as Tune Ins HoldingsBerhad) (“Company”) in connection with the Interim Financial Statements (unaudited) for the financialperiod ended 31 March 2016 and announced by the Company on the Main Market of Bursa MalaysiaSecurities Berhad on 27 May 2016.

Information contained in this presentation is intended solely for your reference. Such information is subjectto change without notice, its accuracy is not guaranteed and it may not contain all material informationconcerning the Company. Neither we nor our advisors make any representation regarding, and assumes noresponsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any informationcontained herein.

In addition, the information may contain projections and forward-looking statements that reflect theCompany’s current views with respect to future events and financial performance. These views are based oncurrent assumptions which are subject to various risks factors and which may change over time. Noassurance can be given that future events will occur, that projections will be achieved, or that the Company’sassumptions are correct. Actual results may differ materially from those projected.

Disclaimer