Wednesday, 26 May 2021, 9:14 am
Kiwi insurer, Tower Limited (NZX/ASX:TWR) has today
reported half year profit of $12m, down from $14.9m for the
half year 2020. Underlying profit before large events was
$18m, 5% lower than the prior year.
Positive growth
and ongoing reduction in management expenses have been
offset by several factors that Tower has taken decisive
action to address. These include an increase in large events
and large house claims, rising building costs, and lower
investment income.
The large events comprise a $9.3m
impact before tax, up from $2.8m in HY20, and included the
large fire at Lake Ōhau village and severe flooding in
Press Release – Tower Ltd
Kiwi insurer, Tower Limited (NZX/ASX:TWR) has today reported half year profit of $12m, down from $14.9m for the half year 2020. Underlying profit before large events was $18m, 5% lower than the prior year.
Positive growth and ongoing reduction in management expenses have been offset by several factors that Tower has taken decisive action to address. These include an increase in large events and large house claims, rising building costs, and lower investment income.
The large events comprise a $9.3m impact before tax, up from $2.8m in HY20, and included the large fire at Lake Ōhau village and severe flooding in Napier in late 2020.
Monday, 22 February 2021, 2:23 pm
Kiwi insurer Tower (NZX/ASX: TWR) announced it has agreed
to pay $14m in cash to ANZ to acquire and assume ANZ’s
rights and obligations relating to servicing a portfolio of
insurance underwritten by Tower. This transaction enables
this portfolio to be brought into the Tower Direct
business.
Tower provided insurance for ANZ and
National Bank customers between 1990 and 2009 and continues
to cover over 23,000 people under those policies. On
completion of the acquisition these customers will be
insured directly by Tower under a Tower branded policy.
These customers have always been insured by Tower under
these policies and that is not changing as a result of this
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