Tower has provided an update on its earnings guidance for the financial year ending September 30, 2024.
The Kiwi insurer now expects underlying net profit after tax (NPAT) to be around $83 million, significantly higher than the previous guidance of over $45m.
This increase in underlying NPAT is attributed to the absence of large events and stronger-than-expected business performance, particularly in claims.
Tower's previous guidance had assumed the full utilisation of the $45m large events allowance, but since no large events were recorded, the unused allowance has boosted the expected underlying NPAT by $32m.
The company also anticipates reported profit of about $74m, after accounting for higher payments related to customer remediations and regulatory action costs.
Tower will provide more details on its FY24 performance in its financial results announcement on November 28.
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