Tower individual risk business up, but takes hit on group risk
Tower Australia has recorded positive inflows in its individual risk businesses over the last year while taking a hit in its group risk business.
Tower recorded negative year on year growth in its inforce premium group risk business for the quarter ended September 30, down 12.1 per cent, reflecting the loss of two large group accounts, Asgard and ANZ master trusts.
However, growth in group risk has picked up in the last two quarters, up 10.2 per cent in the September quarter.
Tower said the addition of the AustralianSuper risk mandate from November 1, 2009, would offset the losses and would be reflected in the group’s results for the December quarter.
New mandates and growth in existing schemes saw group risk new business grow 72 per cent in the September quarter compared to the June quarter.
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