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Tower annual profit gains 17% on health, life sales

Friday 21st November 2008

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Tower reported a 17% gain in annual profit on increase earnings from its health and life insurance businesses.

Net profit rose to $40.5 million in the 12 months ended September 30, from $34.6 million a year earlier, the company said in a statement today.

Earnings from health and life insurance rose 25% to $28.5 million. The company raised its dividend to 8 cents from 6 cents.

"The positive result demonstrates that Tower's underlying strengths will serve it well in a slowing economy," managing director Rob Flannagan said.

The shares rose 0.7% to $1.44 and are down about 38% this year.

By Jonathan Underhill

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