Tower Australia in good shape
|
|
Insurance group, Tower Australia Limited has managed to defy much of the on-going market volatility to report a 14 per cent increase in underlying profit on the back of a 13 per cent increase in annual premium revenue.
The company reported a 69 per cent improvement in net profit after tax for the year to 30 September to $68.7 million.
Commenting on the result, Tower chief executive, Jim Minto said it had placed the company in a strong financial position and ready to grow its business in the Australian life insurance market.
At the same time, Minto called on the Government to make life insurance more accessible to Australians via uniform tax structure and an overhaul of state stamp duties.
"Despite the greater need for Australians to have life insurance cover in these challenging times, access is still difficult for many and it is in the best interests of both individual consumers and the wider tax-paying community that this situation be improved," he said.
"Life insurance is not well understood and we would like to see improvements in the regulation of simplified advice, especially for people in middle Australia
AUTHOR
Mike Taylor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
