Tower may record small net loss in first half on quake adjustment as underlying earnings grow

Fri, 01 May 2015

By Jonathan Underhill May 1 (BusinessDesk) - Tower may record a small net loss for the first half after flagging an increase in provisions for Canterbury earthquake claim costs, while saying underlying earnings from its general insurer business grew strongly. The company said today that it expects claim costs in relation to the Canterbury quakes will increase by between about $20.9 million and $22.4 million after tax to a range of $388 million to $397 million. The adjustment is based on the latest quarterly actuarial review by Deloitte, a...

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