Tower profit knocked by EQC deal

Wed, 25 Nov 2020

Tower reported a 28 percent decline in annual profit as the general insurer’s bottom line was knocked by a smaller settlement with the Earthquake Commission than it had previously anticipated.Net profit fell to $11.9 million in the 12 months ended Sept 30 from $16.6 million a year earlier, due largely to a $13.1 million impairment charge on the EQC receivable it had threatened to go to court over.Tower will get $42.1 million after paying reinsurers and covering costs from the long-running claim over outstanding Canterbury earthquake claim...

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