Tower reports strong financial year, $83.5m profit

Tower has reported a strong financial result for the year ending September 30, 2024.

The Kiwi insurer achieved an underlying net profit after tax of $83.5 million, compared to $7.1m in the previous year.

The company's reported profit was $74.3m, a significant turnaround from the $1m loss in FY23.

Tower attributed its success to the absence of large events, improvements in business-as-usual claims performance, premium growth, and operational efficiencies.

Tower's gross written premium reached $595m, a 15% increase from the previous year.

The company also declared a final dividend of 6.5 cents per share and conditionally approved a return of $45m of excess capital to shareholders.

For the full year of FY25, Tower expects underlying NPAT to be between $50m and $60m.