Tower Limited (NZX/ASX: TWR) today held its Annual Shareholder Meeting and reconfirmed its full year guidance.

The Kiwi insurer recorded 12% growth in gross written premium for the three months to 31 December 2021, driven by improved customer retention and new business, as well as inflation-based rating adjustments.

Tower also recorded an increase of 24,000 customers year-on-year and 150,000 customers now registered for its online service.

The company has a claims ratio of 47%, excluding large events, and has maintained management expenses at 38%.

Tower has a reinsurance programme to provide up to $873m of cover for catastrophe events, with a reinsurance excess of $11.25m, which is within the $20m allowed for large events in FY22.

Half year results will be released in May 2022.

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