Tower's better NZ result
Just a day after its Australian cousin reported a solid half-year result, the New Zealand-based insurer, Tower Limited, has reported a 5.9 per cent increase in net profit for the half year to 31 March to NZ$27,859,000.
Commenting on the result, the group’s managing director, Rob Flannagan, described it as “robust” and reflective of the company’s progress against the backdrop of a difficult economy.
The company’s Health and Life divisions delivered a 22.5 per cent increase in underlying profit after tax to NZ$16.9 million, while its General Insurance division reported a 26.6 per cent lift in after-tax profit of NZ$11.9 million.
However, these results were weighed down by the fact that the company’s funds management division, Tower Investments, reported a NZ$2 million profit after tax — down from NZ$2.3 million for the corresponding period a year earlier.
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.
