Tower and InsuranceLine enter long term partnership

Media release

Thursday 8th September 2005

Tower has entered into a long term life insurance distribution agreement and acquired an equity interest (A$21m) with InsuranceLine Holdings Pty Limited.

The terms of the agreement are commercial in confidence.

InsuranceLine and Tower have successfully distributed life insurance products since 1999 and this has led to the development of a number of direct marketed personal risk insurance solutions tailored for middle Australians.

Tower'sS strategy is to grow organically and through aligned partnerships. In particular, in the life insurance sector in Australia where consumers are significantly underinsured, Tower sees additional distribution channels such as those provided by InsuranceLine as offering significant long term growth opportunities.

This alliance relationship is strategically important to both Tower and InsuranceLine and this alignment of interests will cement the long-term product development and distribution partnership between the two organisations. It will enable both organisations to benefit from a sharing of resources and expertise to support further growth of an already highly successful relationship.

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