Tower has updated its earnings guidance, with full year underlying net profit after tax (NPAT) now expected to exceed $35 million.
The previous guidance had been for underlying NPAT to be at the top end of or surpass a range of $22m to $27m.
Tower's updated forecast takes into account the full utilisation of the FY24 large events allowance, which is conservatively set at $45m.
No large events have been recorded in the current financial year.
The higher expectation for underlying NPAT is attributed to lower than anticipated business as usual claims costs and higher gross written premiums from favourable retention.
Tower will provide further details on its performance at the half-year results announcement on May 28 2024.
The financial information provided is based on Tower's unaudited management accounts as of March 31 2024.
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