Tower affirms outlook as new customers drive premium growth

Wed, 02 Feb 2022

Tower lifted gross written premium (GWP) 12% to $112 million in the December quarter, adding 6,000 new customers to give it 310,000.The NZX-listed general insurer affirmed its forecast for underlying net profit to be between $21m and $25m in the September year, as it passes on rising prices and copes with supply chain disruptions caused by the pandemic.The forecast assumes inflationary pressures will persist through the year, and that it will use all of its $20m reinsurance excess.“This result has been driven by a combination of improved...

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