Tower, a New Zealand insurer, has updated its guidance for the fiscal year 2023.
The company now expects its underlying net profit after tax to be between $7 million and $10 million, including large events.
This is an improvement from the previous guidance of a loss of $2 million to a profit of $3 million.
Tower's large events costs for the year are expected to be around $38 million, lower than initially anticipated due to lower costs from Vanuatu cyclone claims and no large events since May 9.
Gross written premiums are projected to be $526 million, a 17% increase from the previous year.
Tower's reported profit will be affected by additional non-underlying costs, including an increase to the customer remediation provision.
The company will provide more details in its full year results announcement on November 23.
See more
