Tower more than doubles earned premiums

Company News

by Jessica Amir

Insurance company, Tower (ASX:TWR) told the market its transformation is going well, and in the four months to January’s end, it more than doubled its gross written premium (GWP) through digital channels, hitting $5.9 million (compared to the same time last year).

It comes as people taking out policies rose by over 5,000 over the last four months.

And despite activity growing it says it’s maintained management expenses and they are in line with the same time last year.

This follows Tower revealing that the New Year storms that hit NZ and the Pacific Islands will ‘impact’ the group between $5 million and $8 million.

Shares in Tower are trading 2.4 per cent higher at $0.65.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.