Tower to pay first dividend in five years

Wed, 26 May 2021

A rejuvenated Tower will pay its first dividend in five years, with the listed general insurer recapitalised, restructured and operating under new management.That’s despite underlying earnings before large events falling 5% to $18 million in the six months ended March 31, as the insurer faced a doubling in house claims north of $50,000 as rising building costs squeeze its margins. Tower trimmed its forecast for annual underlying earnings to be between $25m and $27m, having previously predicted earnings of at least $29.8m.Net profit droppe...

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