Premium increase boosts Tower profit
The listed insurer and fund manager recorded a net profit after tax to $55.8 million in the year to September 30, up from $33.4 million last year.
Meanwhile, it has announced it will return $120 million to shareholders following the recent sale of its medical insurance business to Australian firm NIB.
Tower Medical Insurance, recorded in discontinued operations, recorded a profit of $13.3 million for the year, up from $9.6 million last year.
In Tower’s other businesses net premium was up 15.6% to 272 million from $235.3 million, with general insurance premiums increasing by 15% to $238.9 million and life premiums up 5.9% to $94.2 million.
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