Strong result for Tower in NZ
New Zealand-based insurer Tower has defied much of the global financial crisis to report a 23.8 per cent increase in net profit after tax to NZ$50.08 million.
The company announced to the Australian Securities Exchange (ASX) today that the result had been achieved via growth across all its business divisions — health and life, general insurance and investments.
Commenting on the result, Tower managing director Rob Flannagan said it represented a particularly strong performance against the background of a difficult financial environment.
The major contributor to the group’s result was an improvement of 19.7 per cent in underlying profit for health and life and a 56.8 per cent increase in net profit for investments.
AUTHOR
Mike Taylor
Recommended for you
Two commentators have shared why the inclusion of alternatives in a diversified portfolio shouldn’t be a simple switch with a traditional asset and will depend heavily on clients’ objectives.
Morgans chief executive, John Clifford, has announced he will step down from the wealth management group after eight years leading the business.
Funds under administration on the BT Panorama platform have passed $120 billion in the last six months as it progresses its migration of Asgard into the platform.
Private markets may be the hot topic of the day but two financial advisers have shared the red flags to consider and why advisers shouldn’t be tempted to invest solely in the pursuit of higher returns.
