Tower turns to 1H profit, lifts FY guidance

Mon, 20 May 2019

By Rebecca Howard May 21 (BusinessDesk) - Tower turned to a profit in the first half of the year and lifted its full-year guidance as gross written premiums rose and claims costs fell. The insurer reported a net profit of $11.9 million in the six months to March 31, up from a loss of $11.6 million in the prior year. The underlying profit after tax was $19.4 million versus $7.3 million in the prior year. It now expects an underlying net profit of $26 million in the full year, up from a prior forecast of more than $22 million. The gui...

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