Tower first-half loss narrows as Canterbury quake bill rises again

Tue, 23 May 2017

By Paul McBeth May 24 (BusinessDesk) - Tower narrowed its first-half loss as its underlying earnings improved, offsetting yet another unexpected increase in the cost of the Canterbury earthquakes six years ago. The Auckland-based insurer reported a loss of $8.4 million, or 5.01 cents per share, in the six months ended March 31, from $8.7 million, or 5.42 cents, a year earlier, it said in a statement. While underlying earnings rose 7.6 percent to $8.1 million, the general insurer added another $9.8 million to its provisioning for the Cante...

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