Insurer Tower Australia Limited has reported an 88 per cent increase in net profit after tax to $87.4 million, rewarding shareholders with a 10 per cent increase in its dividend to 5.75 cents per share.
The result was achieved on the back of a 41 per cent increase in in-force premiums to $1.1 billion and a 76 per cent increase in the value of new business to $169 million.
Commenting on the result, Tower chief executive Jim Minto said the company was well position for 2011 and into the medium term.
“We continue to see significant levels of underinsurance across Australia and addressing this remains a key focus,” he said.
“Life insurance has been the fastest-growing financial services sector, and the outlook for the life industry remains very positive with independent researchers predicting continued market growth,” Minto said.
