Don't mention that Auckland is built on Volcanoes 🙊🙉🙈
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Don't mention that Auckland is built on Volcanoes 🙊🙉🙈
So Tower sells its life business to a bunch of guys in Australia in 2014 for $36m under the watch of Michael Stiassny. Stuff today says that business is being closed down and its shareholders may be getting $160m. Not a bad return imo.
https://www.stuff.co.nz/business/mon...insurance-fund
One of those financial engineering deal by the buyers - basically to close out the policies of those who have been paying for their life covers over a long period in time.
As for Tower, it was a case of selling assets and businesses or go under - not much choice there.
You'd think with the general insurance side of things seemingly doing well-ish for the big Aussie insures (or at least the market thinks so with a generally positive share price reaction after results are announced) that things would be going well-ish for Tower...
TJ - I might have to eat sand with this prediction but I'd say Tower will be up 10%+ after they next report as think the market is seriously underestimating the underlying improvement in their business. Premium hikes and volume growth despite losing a few higher risk rated customers they don't actually want anymore.
Wonder when they will provide the next update - last year they provided an updated on 31/08 for 4 months through 31/07 would imagine they might follow the same logic this year ....
no trading update so far or guidance provided in the HY re expected full year result ....
I see it as no news is good news...
Quietly confident... sort of
Agreed imagine things are in line hence no need to provide a update to market. This being said would be good to see further progress in the FY result, resumption of a divi wouldn't do any harm either ....
SP seems to be creeping up of late good news in the works ...