NZ's Tower Ltd says Q1 earnings up on year ago

WELLINGTON Feb 9 (Reuters) - New Zealand insurer and funds management company Tower Ltd TWR.NZ said on Tuesday that its first quarter earnings were ahead of a year ago.

"Results are tracking ahead of the same period last year and the board is pleased with this performance," chairman Tony Gibbs told the company's annual meeting.

No details were given on the financial performance.

Tower last year reported a full year net profit for the year to Sept. 30 of NZ$50 million ($34.2 million) up 23 percent on a year earlier.

Shares in Tower, which is also listed in Australia, last traded down one cent or 0.5 percent NZ$1.90, in a slightly weaker overall market.

Tower is the third-largest retail fund manager in New Zealand and the second-largest health insurer.

Formerly operating as one company in New Zealand and Australia, it split into separate listed companies in November 2006, as the two companies followed different business strategies.

Last September, the company bolstered its balance sheet through a NZ$81 million share issue. ($1=NZ$1.46)