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
ASIC has accepted a court enforceable undertaking from a Perth-based company auditor who failed to adequately conduct multiple audits on an advice firm that receivers say has $100 million missing.
After a brutal month for adviser numbers, the net loss for June now stands at more than 100 advisers, but the financial year is still on track to end in positive territory.
Two advice platforms have been identified by Adviser Ratings as standouts for efficiency as time-pressured advisers become evermore fickle in their platform selection.
Private wealth manager Escala Partners has increased its alternatives allocations to more than a third in the past three years, describing the asset class as offering “fertile ground” for diversification.
