Tower Limited Half Year 2022 Results Announcement - NZX, New Zealand’s Exchange
Kiwi insurer, Tower Limited (NZX/ASX:TWR) has today reported half-year underlying profit excluding large events of $18.2m, up 6.4% from $17.1m at the half-year 2021.
Reported profit including large events of $17.9m was$3m, compared to $11.1m in the prior year.
Summary of key results:
• Gross written premium (GWP) $216m, up 11% on HY21
• Customer numbers increased 6% to 312,000
• Management expense ratio (MER) improved to 35.8% vs 37.1% in HY21
• Large event costs $17.9m vs $9.3m in HY21
• Underlying net profit after tax (NPAT) excluding large events $18.2m vs $17.1m in HY21
• Underlying NPAT including large events $5.4m vs $10.4m in HY21
• Combined operating ratio (COR) 94.8%, increased 3.9%
• Reported profit including large events $3m vs $11.1m in HY21Tower maintains its full year guidance of between $21m and $25m underlying NPAT and the Board announces a half-year dividend of 2.5 cents per share.