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.