Tower Limited (NZX/ASX:TWR) has revised its market guidance on underlying net profit after tax (NPAT) for the year ending 30 September 2023, now expecting a range of between a loss of $2m and a profit of $3m due to the ongoing challenging claims environment in New Zealand.
This is a decrease from a profit of between $8m and $13m.
Gross Written Premiums are up 16.5% year to date, with Tower maintaining its guidance for GWP growth in a range of between 15% and 20%.
The insurer has implemented a dedicated event response function and scaled up its Fiji-based resourcing to ensure remaining large event claims are resolved efficiently.
The estimated solvency ratio as at 30 June 2023 is 134%.
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