TOWER Group has been one of the fastest growing financial services
businesses in Australasia for more than 10 years.
Through a successful policy of organic growth and strategic acquisitions
and mergers, TOWER has established itself as one of New Zealand's most dynamic
companies. It currently has more than NZ$22 billion in group assets under
management.
TOWER continues to rapidly expand its activities and build its position as
a strong competitor in the savings and investment, asset management, insurance
and trustee services markets.
Over the past nine years, TOWER has also developed a strong and growing
presence in the Australian market. Today, over 70 per cent of TOWER's revenues
are generated from outside New Zealand.
This outstanding achievement is a result of a planned and focused corporate
strategy which emphasises several key factors:
- TOWER offers an excellent and competitive portfolio of products across
the range of financial services needs, in risk insurance, savings and
investment, asset management and trustee services.
- TOWER delivers on the promise of its products. The company is regularly
recognised for excellence in investment management; it is an acknowledged
leader in life insurance markets; quality product design and the
satisfaction of customer needs are high priorities.
- TOWER applies a vigilant focus on productivity. Management of the cost
of doing business is a vital aspect of providing competitive products to the
market and positive returns to shareholders. Driving high rates of
productivity is a key element in building a competitive edge and
underpinning sustainable productivity.
- TOWER leverages technology to generate competitive advantage in product
distribution, customer services and administration expenses. In particular,
use of telecommunications technology in the sale and distribution of
products is very well advanced. Direct and internet sales are expected to
grow rapidly, with half of TOWER's revenue expected to be generated from
these channels by 2003.
- TOWER operates a strategy of organic growth and strategic acquisitions
and mergers. Organic growth is driven through re-investment in business
development. Strategic growth results from well considered - and largely
internally funded - investment in key businesses, controlled growth rather
than growth at any cost.
Acquisition of life insurance, fund management and trustee
businesses was the basis for TOWER's successful move into Australia. TOWER
Insurance is also represented in the Pacific in Papua New Guinea, Fiji and the
Cook Islands and the Solomon Islands.
TOWER's growth policy now encompasses the People's Republic of China, where
it was granted Resident Representative status in May 2000, and where it is now
looking for opportunities to share knowledge and technical expertise with
local partners.
TOWER Limited is listed on the New Zealand and Australian Stock Exchanges
and has corporate offices in Wellington and Sydney.
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