800,000 shares traded at 82 cents at the close
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800,000 shares traded at 82 cents at the close
Tower Insurance readies its next risk-based pricing tool as CEO says he loves being the insurance underdog competing with bigger Aussie-owned rivals
The general insurer has $45 million set aside to be used for any catastrophic disasters in the rest of the 2024 financial year which will then be added to Tower’s full-year underlying net profit if it doesn’t get used up
Questioned in the analysts call on if Tower’s GWP growth would continue into the second half, Turnbull said Tower expected to see that growth settle between 10% and 15% in the full 2024 financial year.
He added that the insurer also expects to see similar premium growth between the 10% and 15% benchmark going into the 2025 and 2026 financial years as well.
https://www.interest.co.nz/insurance...he-loves-being
Need one or two big boys' help to swipe big vol on offer at 83c.
Updated guidance.....:)
https://www.nzx.com/announcements/432572
Kiwi insurer, Tower Limited (NZX/ASX: TWR) has today updated its earnings guidance on underlying net profit after tax (underlying NPAT) for the year ending 30 September 2024. Tower’s FY24 full year underlying NPAT guidance is expected to be greater than $40m, up from greater than $35m as previously advised.
This increase is due to a continuation of positive trading conditions including unseasonably benign weather in the past two months. While there were two storms in New Zealand in May, both had relatively insignificant claims costs for Tower, and the threshold for large events was not met.This updated guidance assumes full utilisation of the FY24 large events allowance which is conservatively set at $45m. No large events have been recorded in the financial year to date.
Any unused portion of the large events allowance at year end will increase underlying NPAT to improve the full year result. For example, if there were no large events in FY24 underlying NPAT would be increased by an additional $32m ($45m less tax).
Punters being played like a fiddle with these regular announcements
Who cares while tune is a rousing one
Meaning EPS of minimum of 10.54 cps earnings, and trading on 7.73 PE as of the current price.
No large events and it gets to 19cps.