Tower affirms earnings guidance, notes increased digital upgrade cost

Mon, 18 Feb 2019

By Paul McBeth Feb. 19 (BusinessDesk) - Tower has affirmed its annual earnings guidance, with gains in gross written premium and a lower claims ratio offset by a bigger bill for an extended and more staggered roll-out of its new digital platform. The Auckland-based general insurer still expects net profit of more than $22 million in the year ending Sept. 30, turning around a loss of $6.7 million in the September 2018 year. That forecast assumes Tower using the full $10 million reinsurance excess it has for large events. Tower lifted...

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