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
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