Tower downgrades profit guidance by $10m due to crime, inflation and supply chain issues

Rising crime levels are costing Tower. (Image: NZME)

Wed, 19 Jul 2023

Rising motor crime levels, along with the increased cost of compensating the insured, are hitting insurance company Tower’s profits.Tower told the New Zealand stock exchange (NZX) it's now expecting to deliver anything between a loss of $2 million to a profit of $3m for the year. The insurance company previously provided market guidance on underlying net profit after tax of between $8m and $13m for the year ending Sept 30, 2023.Tower’s share price was down 3.2% in early trading on Wednesday.In a statement, Tower blamed...

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