Tower places itself under the microscope
An independent actuarial review has been commissioned byTower Australiain response to concerns posed by theAustralian Prudential Regulatory Authority (APRA)over the group’s financial position.
The review will focus on the valuations of certain strategic assets and some aspects of reserving for capital and solvency purposes.
APRA recently requested that Tower top up its surplus assets by $30 million, which the manager has agreed to do by the end of March this year.
Tower chief executive Jim Minto says the review is an opportunity to provide APRA with a level of assurance over its financial position.
"Work on the rebuilding of target surplus has been underway since the finalisation of the statutory accounts in December last year,” Minto says.
“Tower advised APRA in December that it intended to return to its target surplus levels, though APRA asked that this be done earlier than originally intended," he added.
Minto says that Tower had already been through statutory financial and actuarial audit processes, completed in December of last year, but the fund manager recognised APRA’s position in wanting to look at some aspects more closely.
The report is expected to be completed and handed over to APRA in February.
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