Tower skips dividend as stormy weather leaves it seeing red

Tower has got out of covering commercial farms. (Image: Getty)

Thu, 23 Nov 2023

Tower’s board refrained from declaring a final dividend as the general insurer’s books sank into the red after a stormy start to the year drove a spike in claims. The company reported a net loss of $1.2 million in the 12 months ended Sept 30, compared to a profit of $18.9m a year earlier. The underlying profit – which looks through large event costs – was also under pressure, sinking 72.2% to $7.6m as the cost of meeting the deluge of storm-related claims was driven faster by more expensive and increa...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Infrastructure

Govt shares emerging route for mega Northland expressway

It's our single biggest roading project. So where's it going to go?

Oliver Lewis 10:30am

Markets The small cap wrap

Why this tech firm sees a Trump tariff opportunity

Plus IkeGPS' wins in the US, Trade Window targets trade war, TruScreen, and more.

Rebecca Stevenson 10:10am

Why this tech firm sees a Trump tariff opportunity

Markets

US stocks surge on hopes of China trade deal

Asian indexes closed mixed, while oil prices firmed.

AFP 9:30am

US stocks surge on hopes of China trade deal

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Finance

Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

Pattrick Smellie 5:00am

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025