Tower Limited (ASX:TWR, NZE:TWR) says it has closed and settled 85 per cent of all claims relating to the Canterbury earthquake on the South Island of New Zealand. This is up from 82 per cent at the end of May.
CFO Michael Boggs says the insurance company is on track to substantially complete claims settlement by the end of 2015.
Tower also confirmed the unconditional sale of its residual life business to Foundation Life.
The dual listed general insurance company says its program of work has picked up this year with a large number of over-cap repairs and rebuilds completed or close to completion.
Last week, Tower reduced its minimum solvency margin by $30 million. The company has also flagged a return of capital to shareholders once all the earthquake claims are completed.
Tower reported a $12.3 million profit for a half year ended 31 March, 2014
