Incorporated in 2011 and listed on Bursa Malaysia in 2013, Tune Protect Group Berhad underwrites and reinsures non-life insurance products. It is well-known for its travel insurance products that are often bundled with AirAsia flight tickets. In 2019, AirAsia owned a 13.7% direct stake in the company.
Over the years, the company has been plagued by bad news and recent demand for travel insurance has declined due to COVID-19. As a result, Tune Protect’s share price has dropped from an all-time high of RM2.53 in June 2014 to RM0.35 (as at 28 August 2020), which represents an 85.8% capital loss.
Since 2012, Tune Protect has had four group CEOs. Six out of the eight current senior management members joined the company in 2019-2020. Like many shareholders, I question the reason behind the high turnover of its senior management. So I attended the company’s recent annual meeting to see if I could uncover anything...