NZ's Tower H1 profit falls on rising claims
WELLINGTON, June 27
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.
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