Tower downgrades profit guidance, completes strategic review

Mon, 03 Sep 2012

By Hannah Lynch Sept. 4 (BusinessDesk) - Tower, the insurance company that’s about one third owned by Guinness Peat Group, has downgraded its annual profit expectations because of the impact of Christchurch earthquake claims and concluded a strategic review. The Auckland-based company said market expectations of profit for the year ending Sept. 30 should be reduced by $9.4 million “to take into account increases in claims provisioning relating to the February 2011 event.” Tower made a profit of $33.4 million a year earlier and the downgrad...

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