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Tower Limited (NZX: TWR) FY20 Results Announcement to Market

Wednesday 25th November 2020

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Tower’s Chairman Michael Stiassny, Chief Executive Officer Blair Turnbull and Chief Financial Officer Jeff Wright will discuss the full year results at 10:00am New Zealand time today.

Digital and data delivers strong customer and profit growth for Tower

Kiwi insurer Tower Limited (NZX/ASX:TWR) today announced underlying profit excluding large events increased 23% on the prior year to $34.7m, underlying profit including large events increased 3% on the prior year to $28.4 million, passing the top end of its guidance.

Tower’s reported profit of $12.3 million, includes the $9.5 million impact from the recently announced EQC settlement of $42.1 million. Tower will receive $42.1m after disbursement to reinsurers and cost which amounts to 76% of the gross carrying value listed in Tower’s accounts.

Tower’s investment in digital and data has helped the company grow GWP 8% to $385 million and increase customer numbers by 11% to 300,000.

Tower CEO Blair Turnbull, who joined the company in August 2020, says the company’s digital and data strategy is a game changer and is laying the groundwork to fundamentally transform how we deliver insurance in New Zealand and the Pacific.

“New Zealand and the South Pacific are beautiful locations, but there’s no doubt we face a few natural perils, like earthquakes and cyclones, which is why insurance is so important” says Turnbull.

“As an insurer it’s our job to help get customers back on their feet and the recent flooding in Napier and fires in Lake Ōhau demonstrate the importance of the role we play in communities. But we want to do more than just help customers when they need to claim, we want to support them to avoid accidents.

“We have a significant amount of data and we’re investing in innovations that will help customers understand risk, create safer driving habits and get customers to see insurance as a valued part of their life.”

See the link below for more details:

Tower Limited FY20 Full Year Results

Source: Tower Limited

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