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Wednesday, November 13, 2024

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Tower Insurance nearly doubles Full-Year Profit

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.

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1 COMMENT

  1. When you look at the current cost of insurance I find this wholly unsurprising…what is needed is an investigation into why there is not more competition in the industry…..

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