Tower has increased its full-year underlying net profit after tax (NPAT) guidance for the year ended Sept 30, 2024 financial year to over $40 million.
This is up from the previous guidance of over $35m.
The update is attributed to positive trading conditions, including unseasonably benign weather in the past two months, which resulted in relatively insignificant claims costs for the insurer.
Tower's guidance assumes the full utilisation of the $45m large events allowance for FY24, and no large events have been recorded in the current financial year.
Any unused portion of the allowance at year end will further improve the underlying NPAT.
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