Kiwi insurer Tower has updated its earnings guidance for the year to 30 September 2022.
Based on preliminary and unaudited results, Tower anticipates underlying net profit after tax will be around $26m, up from a range of $21m-$25m, and underlying NPAT excluding large events will be around $40m.
This follows gross written premiums increasing 13% to $457m and customer numbers growing 4% to 317,000.
Reported profit will be impacted by additional earthquake provision and a one-off provision of around $3m for customer remediation.
Dividend guidance remains at 5.5c per share for the year.
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