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Annual Report 2020 TUNE PROTECT GROUP BERHAD

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Annual Report 2020 TUNE PROTECT GROUP BERHAD TUNE PROTECT GROUP BERHAD Annual Report 2020 What’s Inside This Report ABOUT US OUR GOVERNANCE Glossary 1 Profile of Directors 47 Reporting Framework 2 Profiles of the Executive Committee 50 Who We Are 3 Corporate Governance Overview Statement 54 Corporate Structure 4 Audit Committee Report 67 Corporate Information 5 Statement on Risk Management and Internal Control 70 Additional Compliance Information 74 2020 HIGHLIGHTS Internal Policies, Frameworks & Guidelines 78 Investor Relations 6 Financial Highlights 10 OUR REPORTS & STATEMENTS Directors’ Report 84 HOW WE CREATE AND DISTRIBUTE VALUE Statement by Directors 89 Stakeholder Engagement 12 Statutory Declaration 89 Materiality Matters 14 Independent Auditors’ Report 90 Top Risks & How We Manage Them 15 Statements of Financial Position 94 Our Value Creation Model 16 Statements of Comprehensive Income 95 Statements of Changes in Equity 97 FROM OUR LEADERSHIP Statements of Cash Flows 99 Dialogue with Our Group CEO 18 Notes to the Financial Statements 102 Management Discussion & Analysis 23 OTHER INFORMATION SUSTAINABILITY STATEMENT Analysis of Shareholdings 211 Sustainability Committee’s Chairman Message 31 List of Branches and Overseas Ventures 214 What Matters To Us Notice of Annual General Meeting 216 • Governance 34 Proxy Form 225 • Our Business 36 GRI Content Index 227 • Our Environment 42 • Our People & Community 44 Cover Rationale Insurance Simplified Tune Protect is committed to making life simpler for our customers. Leveraging technology, we are revolutionising customer experience by providing innovative lifestyle solutions that are available at their fingertips - anytime, anywhere. You can find this Annual Report and additional information about Tune Protect Group Berhad on our corporate website. SustainabilityAbout Us 2020Our HowOur We Reports Create and& From OurOther Leadership Statement GovernanceHighlights DistributePerformance Value Information 1 Annual Report 2020 Glossary Terms Bursa Malaysia or Bursa Securities Bursa Malaysia Securities Berhad The App Tune Protect Mobile App The Board Board of Directors The Group Tune Protect Group Berhad and its subsidiaries Tune Protect or The Group and Tune Protect Group Berhad, its subsidiaries and overseas ventures its Overseas Ventures Tune Protect EMEIA Tune Protect Commercial Brokerage LLC Tune Protect Group or The Company Tune Protect Group Berhad Tune Protect Malaysia Tune Insurance Malaysia Berhad Tune Protect Re Tune Protect Re Ltd. Tune Protect Thailand Tune Insurance Public Company Limited White Label White Label Sdn. Bhd. Acronyms AGM Annual General Meeting MACC Malaysian Anti-Corruption Commission ASEAN Association of Southeast Asian Nations MFRS Malaysian Financial Reporting Standards B2B Business-to-Business MMLR Main Market Listing Requirements B2B2C Business-to-Business-to-Consumer MSWG Minority Shareholders Watch Group B2C Business-to-Consumer MyCC Malaysian Competition Commission BNM Bank Negara Malaysia NEP Net Earned Premium CG Corporate Governance NPS Net Promoter Score CoC Code of Conduct NWP Net Written Premium CSR Corporate Social Responsibility OR Operating Revenue D2C Direct-to-Consumer PA Personal Accident EES Economic, Environmental and Social PAT Profit After Tax EMEIA Europe, Middle East, India and Africa PAYD Pay-As-You-Drive ESG Environmental, Social and Governance RM Ringgit Malaysia ESOS Employees’ Share Option Scheme RRPT Recurring Related Party Transactions FY Financial Year SME Small and Medium Enterprise GDP Gross Domestic Product TPA Travel Personal Accident GRI Global Reporting Initiative UAE United Arab Emirates GSSB Global Sustainability Standards Board UN SDG United Nations Sustainable Development Goal GWP Gross Written Premium y-o-y Year-on-year HRMS Human Resources Management System JV Joint Venture About Us 2020 How We Create and From Our Leadership Highlights Distribute Value 2 Tune Protect Group Berhad Reporting Framework Reporting Approach In this Annual Report 2020 (“report”), we have commenced our integrated reporting journey to provide a more concise, connected and transparent reporting of our objectives, strategies and performance. We demonstrate how we create value for our stakeholders through efficient management of capitals and resources. For more information on our value creation model, refer to pages 16 to 17 of this report. This report outlines our unique business model, strategic focus and material matters. It also covers our progress in the Economic, Environmental and Social sustainability pillars. We recognise that the process to fully integrate our report is both continuous and dynamic. Nevertheless, we aim to improve and move towards a fully integrated report in the near future. Reporting Scope and Boundary Memberships of Associations This report includes the financial and non-financial The Group is a member of the following associations: performance of Tune Protect Group Berhad, its subsidiaries • General Insurance Association of Malaysia (“PIAM”) and Overseas Ventures. • Labuan International Insurance Association (“LIIA”) The Sustainability Statement section of this report covers Navigation our operations in Malaysia, comprising Tune Protect Group, Tune Protect Malaysia, Tune Protect Re and White Label. Our associate and joint venture entities outside of Malaysia are This report employs the use of icons to link our strategy and excluded in this reporting scope. materiality matters to our activities and outcomes. Reporting Period Financial Intellectual 1 January 2020 to 31 December 2020 (unless stated Capital Capital otherwise). References & Guidelines Human Natural Capital Capital This report was prepared with reference to the following frameworks and disclosure requirements: • International Integrated Reporting Council’s Integrated Social & Relationship Capital Reporting Framework • Bursa Malaysia Securities Berhad’s Main Market Listing Requirements • Bursa Malaysia Securities Berhad’s Sustainability Feedback Reporting Guide • Securities Commission Malaysia’s Malaysian Code on We welcome your feedback on our report. All feedback and Corporate Governance 2017 enquiries can be directed to: • Companies Commission of Malaysia’s Companies Act 2016 • Malaysian Accounting Standards Board’s Malaysian Address : Level 9, Wisma Tune, Financial Reporting Standards No. 19, Lorong Dungun, • International Accounting Standards Board’s International Financial Reporting Standards Damansara Heights, 50490 Wilayah Persekutuan, This report has been prepared in accordance with the Global Kuala Lumpur, Malaysia Sustainability Standards Board’s Global Reporting Initiative (“GRI”) Standards: Core Option, based on the reporting Tel : +603 2056 6200 principles of the GRI Standards, i.e. Stakeholder Inclusiveness, Sustainability Context, Materiality and Completeness. Fax : +603 2092 1029 Email : [email protected] Refer to GRI Content Index on page 227 of this report. We encourage you to go digital and paperless – opt for the digital version of this report that is available on our corporate website at tuneprotect.com. Sustainability Our Our Reports & Other Statement Governance Performance Information 3 Annual Report 2020 Who We Are Tune Protect Group Berhad (“Tune Protect Group” or “The Company”) is a financial holding company that provides underwriting and reinsurance services for non-life insurance products through its subsidiaries and Overseas Ventures. Incorporated in 2011, the Company was listed on the Main Market of Bursa Malaysia in 2013. With its tagline “Insurance Simplified”, Tune Protect offers an array of affordable protection plans to suit individual, Small and Medium Enterprise and corporate needs via its insurance, reinsurance and marketing arms in Malaysia, Thailand and the United Arab Emirates. Our Vision Core Values To be the lifestyle insurer that everyone LOVES We make things easy and We listen to customers’ uncomplicated. needs and find a solution. Our Mission To simplify the consumer experience with best- in-class products and technology that We work to win as one We continuously learn, cohesive team. test and explore. We know complement the when to take risks and be empowered. consumer’s lifestyle needs Please scan this QR code to find out more about the events and activities the Group and its Overseas Ventures organised and participated in during the year under review. About Us 2020 How We Create and From Our Leadership Highlights Distribute Value 4 Tune Protect Group Berhad Corporate Structure 100% Tune Protect Tune Protect Re Ltd. Re (General reinsurance and retakaful window business) 100% White Label Sdn. Bhd. (Technology solutions provider) 100% Tune Protect Tune Direct Ltd. (Technology services provider Direct and investment holding company) 83.3% Tune Protect Tune Insurance Malaysia Berhad1 Malaysia (General insurance business) 49% Tune Protect Tune Insurance Public Company Limited2* Thailand (General insurance business) 49% Tune Protect Tune Protect Commercial Brokerage LLC3^ EMEIA (Facilitator of online insurance) Notes: 1. The remaining 16.7% is owned by minority and unrelated shareholders 2. The remaining 51% is owned by various Thai shareholders 3. The remaining 51% is owned by a local company in the United Arab Emirates * Associate company ^ Joint Venture company Sustainability Our Our Reports & Other Statement Governance Performance Information 5 Annual Report 2020 Corporate Information Board of Directors Ng Soon Lai @ Ng Siek Chuan Aireen Omar (Chairman, Independent Non-Executive Director) (Non-Independent Non-Executive Director) Tan Ming-Li
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