Tower aims to return $45m to shareholders

Tower chief executive Blair Turnbull. (Image: Nathan McKinnon)

Mon, 09 Sep 2024

A strategic review of Tower’s business has concluded the insurance company should simplify the business and return capital to shareholders. On Monday, the New Zealand-owned and operated general insurer announced that its board had approved a return of $45 million of excess capital to shareholders through a mandatory share buyback. After the NZ Exchange (NZX) announcement, Tower shares rose 5% to $1.20.“[In] assessing current opportunities, the sale of Pacific subsidiaries, and simplification of its business, the Tower boa...

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