WELLINGTON May 27 New Zealand insurance company
Tower Ltd posted a 70 percent fall in half-year profit
on Tuesday due to a rise in claims from severe weather events,
while its income has been cut following recent divestments.
The company said profit after tax was NZ$13.1 million
($11.21 million) in the six months to March 31, compared with
NZ$44.2 million in the same period last year.
It announced a dividend of 6.5 cents per share, up from 5
cents a year ago.
Tower said it faced an increase in claims in recent months
following floods and cyclones in New Zealand's South Island.
Last year, the company sold its health, investment and life
insurance businesses last year to streamline its operations.
($1 = 1.1688 New Zealand Dollars)
(Reporting by Naomi Tajitsu; Editing by Alison Williams)