Tower Limited has today announced a 31% increase in underlying profit for the 2022 financial year, with reported profit impacted by additional Canterbury earthquake provision and customer remediation costs.

Gross written premium (GWP) increased 13%, customer numbers rose 5% and the Management expense ratio (MER) improved to 36%.

The company has also increased its perils allowance by 50% to $30 million for the 2023 financial year, while its reinsurance programme was renewed with $934m of catastrophe cover.

CEO, Blair Turnbull, has credited the positive result to their strategy of delivering simple and rewarding customer experiences combined with advanced technology.

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