Tower Insurance has reported a significant rebound in its financial performance, nearly doubling its full-year underlying net profit.
The company expects to post an underlying profit of $83 million for the year ending September, far exceeding its previous guidance of $45 million.
The strong result comes in the absence of large-scale claims that were anticipated, with provisions of $45 million for major events not materialising.
In contrast to a net loss of $1.23 billion last year, Tower’s bottom-line profit is projected at $74 million, despite facing increased costs from customer remediation and regulatory actions. Full financial results will be announced on November 28.
