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
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