New Zealand insurer Tower is returning $70 million to shareholders after selling off the bulk of its life insurance business.
Tower CEO David Hancock said the initial return of $70 million would be finalised "shortly", while the promised full return of $114.5 million would be made "when appropriate".
The business would continue its prudent approach to capital management, with staged refunds in line with minimum solvency market requirements, he said.
"We continue to review our capital management plan following the issue of full insurance licences for our general insurance and retained life insurance businesses," Hancock added.
