Tower Australia posts $17 million half-year profit
In its maiden results announcement since separating from Tower’s New Zealand operation, Tower Australia has reported a net profit of $17.1 million for the half-year ending March 31, 2007.
Tower Australia managing director Jim Minto said: “The separation has gone really well, as has the Prefsure integration, and we are announcing that the directors are proposing to pay a dividend for the full year, which will be formally considered at the end of the year.”
Operating earnings for the six months came in at $21.6 million, which represented a 16 per cent increase on the equivalent figure for the corresponding period last year.
On the investment side of the business, total funds under administration for the half-year grew by 6.8 per cent, finishing the period at $3.6 billion. This included net fund inflows of $151.7 million for Tower Australia’s modern platform Beacon.
In regard to moving forward, Minto said it was still the company’s aim to outgrow the market by a rate of 10 per cent.
“We believe we’re well positioned with good diversified channels underpinning the business, which helps insulate us from market movements and intense price competition. This is a good industry and Australians are getting access to more and more cover,” he said.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
