Tower underlying profit in line with year earlier

Underlying profit at insurer and investment company Tower for the three months to December tracked in line with the result from a year earlier, Tower chairman Tony Gibbs says.

Underlying profit excludes the effect of movements in the discount rate.

In the year to September 2010, Tower lifted net profit after tax 16% to $58.1 million. That included $6 million from movements in the discount rate following changes in investment markets. Underlying profit for the year was $52.1 million, 11% higher than a year earlier.

Speaking at Tower's annual meeting in Auckland today, Gibbs said the financial services and insurance sector in this country was subject to an unprecedented degree of regulatory change.

Tower was now working through the details of the prudential supervision of insurance businesses by the Reserve Bank and best practice anti-money laundering regulations.

Tower shares were up 2c in late morning trade to $1.97, having ranged between $1.75 and $2.09 in the past year.

NZPA

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