NZ's Tower H1 profit falls on rising claims

WELLINGTON, June 27 Thu Jun 26, 2014 4:46pm EDT

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WELLINGTON, June 27 (Reuters) - New Zealand insurance company Tower Ltd on Friday said it posted a 70 percent fall in half-year profit due to a rise in claims due to severe weather events, while its income has been cut following recent divestments.

In a report re-released to the New Zealand Stock Exchange, the company confirmed that profit after tax was NZ$13.1 million ($11.35 million) in the six months to March 31, compared with NZ$44.2 million in the same period last year.

It also confirmed a dividend of 6.5 NZ cents per share. ($1 = 1.1546 New Zealand Dollars) (Reporting by Naomi Tajitsu; Editing by Robin Pomeroy)

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