WELLINGTON Nov 29 New Zealand insurer and fund
manager Tower Ltd on Thursday reported a 67 percent
rise in full-year profit on growth in insurance revenues, with
the company also planning a return of funds to shareholders.
Net profit for the year to Sept. 30 was NZ$55.8 million
($46.1 million), compared with last year's NZ$33.4 million.
It said the result included a further NZ$13.6 million costs
associated with the Canterbury earthquakes, but that general the
business had recovered from the quakes with strong growth in
life and general insurance.
The company said it would look to return NZ$120 million, the
proceeds of the sale of its health insurance business, to
Shares in Tower closed on Wednesday at NZ$1.90. So far this
year the stock has risen around 24 percent, against a 22 percent
increase in the benchmark NZX-50 index.
Tower is the third-largest retail fund manager in New
Zealand and the second-largest health insurer. It declared a
final dividend of 6 cents per share.
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. See also