Friday 11th June 2021
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Tower Provides Update on Financial Impact of Canterbury Floods
Tower has received 164 claims in relation to the Canterbury floods. Our teams have been working with our customers in the region to check on their welfare and supporting customers who have needed urgent help with accommodation and repairs. We have people on the ground in Canterbury and our call centres in Rotorua and Auckland are dedicated to processing claims and providing practical support and advice. At this stage, Tower estimates the ultimate cost of the Canterbury floods to be $2.8m - $3m before tax.
At the market announcements for the end of half year, Tower advised a guidance of underlying NPAT of $25m - $27m assuming full year large events of $9.7m.
Given the subsequent occurrence of the Canterbury floods, Tower now assumes full year large events of $14m, being the point at which aggregate reinsurance for large events (excluding NZ earthquake) applies.
The after-tax impact of an assumption of $14m for FY2021 large events is approximately $3m, resulting in an updated underlying NPAT guidance of $22m - $24m for FY2021.
At the revised guidance, the indicative combined interim and full year dividend under the current dividend policy remains between 5c and 5.5c.
Please see the link below for details
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