Tower (ASX:TWR) reports $14.9M first half profit

Company News

by Katrina Bullock

New Zealand insurer, Tower (ASX:TWR) has reported first half profit of $14.9 million after tax – that’s a $3 million improvement on the same period last year.

Tower’s Chief Executive Richard Harding attributed to the strong performance to the company’s digital challenger strategy, saying that in March almost 60 per cent of new business came in through the company’s digital channels.

Tower has updated its financial year 2020 NPAT guidance to $25 to 28 million.

However, it’s not all good news as the company warns that it was impacted by the Timaru hailstorm, Tropical Cyclone Harold and subdued growth.

Shares in Tower (ASX:TWR) are trading 3.33 per cent lower at 58 cents.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.