Tower Insurance has updated its guidance for the financial year ending September 30, 2024, now expecting underlying net profit after tax to exceed $45 million.
This is an increase from the previous guidance of NPat of over $40m.
Tower attributed the stronger performance to its targeted underwriting actions addressing the impacts of vehicle thefts, as well as unseasonably benign weather in New Zealand.
The company also anticipates that gross written premium growth will be at the top end of, or exceed, the current guidance range of 10% to 15%.
Tower's updated guidance takes into account the full use of the FY24 large events allowance of $45m.
No large events have been recorded in the financial year so far, and any unused money will further improve the underlying NPat.
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