Perlindungan Tenang Vouchers (“PTV”) were introduced between 2021 and 2022 by the Government to allow eligible underserved and unserved Malaysians to purchase annual insurance policies via the redemption of Government subsidy vouchers. Tune Insurance Malaysia Berhad (“TIMB”), a subsidiary of Tune Protect Group Berhad (“Tune Protect”) participated in this initiative up to July 2022. 

Tune Protect wishes to announce that TIMB has been notified by the regulator that some of the policies underwritten by TIMB in 2022 under the PTV initiative will not be eligible for redemption as some customer consents secured by TIMB have been assessed as unacceptable by the regulator. TIMB is currently considering an appeal on this matter.

The adverse impact to Tune Protect’s earnings from the non-redemption of PTV is estimated at RM30.8 million. The financial impact from the non-redemption will be incorporated in the Fourth Quarter 2023 Interim Financial Statement of Tune Protect.