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 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter.