Top year for Tower
Jim Minto
Specialist life insurer TowerAustralia has reported strong growth for 2007, reporting net profit after tax up 29 per cent to $40.7 million.
Tower, which just completed its first year as a listed company, announced to shareholders an initial dividend of 4 cents per share fully franked, to be paid on January 21, 2008.
As at September 30, 2007, the company reported underlying profit up 29 per cent to $54 million, and underlying profit per share also up 29 per cent at 16 cents per share.
Tower chairman Rob Thomas said the profit result for Tower’s first year reflected the ongoing improvement in its competitive position in the life insurance market.
“This has generally been a good year, with the key indicators positive. The company has continued to strengthen its position in a competitive market and is also well-placed from a capital perspective,” he said.
“The dividend payment is in line with the intention announced earlier this year.”
Managing director Jim Minto said the Australian life market continued to look positive for the industry with favourable claims rates and low unemployment.
“Looking ahead, we see the life market continuing to grow at more than 10 per cent per annum, and Tower is well placed to compete across a number of channels,” he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
