New Zealand based health and life insurer Tower Ltd
(ASX:TWR) has posted a 23.8% rise in net profit for the year and says the outlook for the company is positive.
Tower posted net profit after tax of NZ$50 million including a non-cash movement in the discount rate which added $3.15 million to the result.
The company says underpinning the strong result is growth across every one of its three businesses; health and life, general insurance and investments.
As a result of the strong performance Tower declared a dividend of 9 cents a share.
Chairman Tony Gibbs says the outlook for the company is positive and it is looking forward to the next 12 months.
Mr Gibbs says liquidity has been further improved as a result of its recent share issue and at the September financial year end its cash balances exceed $146 million.
He says there will be opportunities which Tower is now in a position to take advantage of.
Looking back over the past five years of company results Tower’s profit highlight was in 2007.
