Tower posts loss on ballooning quake costs, hikes dividend as underlying earnings improve

Mon, 23 Nov 2015

By Paul McBeth Nov. 24 (BusinessDesk) - Tower, the general insurer, posted an annual loss as it prepares for more expensive claims from the Canterbury spate of earthquakes, but raised its dividend payout to reflect a stronger underlying earnings performance. The Auckland-based company reported an annual loss of $7 million in the 12 months ended Sept. 30, compared to a profit of $23.6 million a year earlier, it said in a statement, confirming guidance it gave last week. That was largely due to a $36.2 million charge from increased provisi...

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