Tower posts first-half profit as asset sales reap gains of $51.4 mln

Mon, 27 May 2013

By Paul McBeth May 28 (BusinessDesk) - Tower, the insurer that is 34 percent owned by Guinness Peat Group, has posted a first-half profit after reaping $51.4 million in gains from the sale of its health, life, and investment units that left it as a general insurer. Net profit rose to $44.2 million, or 19.33 cents per share, in the six months ended March 31, from $23.6 million, or 6.52 cents, a year earlier, the Auckland-based firm said in a statement. Stripping out the gains from the asset sales, the insurer made a first-half loss of $7.8 m...

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