Strong result for Tower in NZ
New Zealand-based insurer Tower has defied much of the global financial crisis to report a 23.8 per cent increase in net profit after tax to NZ$50.08 million.
The company announced to the Australian Securities Exchange (ASX) today that the result had been achieved via growth across all its business divisions — health and life, general insurance and investments.
Commenting on the result, Tower managing director Rob Flannagan said it represented a particularly strong performance against the background of a difficult financial environment.
The major contributor to the group’s result was an improvement of 19.7 per cent in underlying profit for health and life and a 56.8 per cent increase in net profit for investments.
AUTHOR
Mike Taylor
Recommended for you
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
Selfwealth’s acquirer, Syfe Group, has said the firm is hopeful of opportunities from the mass affluent population as it believes a gap exists between DIY brokerage and financial advisers.
Rose Partners, which has a strategic partnership with AZ NGA, has purchased an advisory and accounting business based in Queensland to drive its expansion.
Having already completed three major sales, Iress has announced its latest divestment following a strategic review conducted during its transformation program.
