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NBR Rich Lister inks confidential settlement with liquidators
Nicholas Pointon
Thu, 12 Feb 2026
Wed 11 Feb 2026 11:15:22pm
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Wed 11 Feb 2026 11:15:22pm
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IAG reports tighter half-year insurance profit and margin
IAG New Zealand narrowed its half-year profit and insurance margin at the end of last year. The insurance company, with brands NZI, State, and AMI, today said its insurance profit was A$268 million ($315.7m) in the six months ended December, down from A$311m ($366.4m) during the same period the previous year. Its insurance margin was 25.1%, compared with the previous 28.6%. The result followed fewer natural disasters than expected. The Gross Written Premium fell 2.6% to just over $2b. CEO Amanda Whiting said premiums had stabilised over the period, with some customers receiving premium reductions. During the six months, IAG received more than 260,000 claims and paid $1.2b. “Recent severe storms in Northland, Auckland, Bay of Plenty, Coromandel and Tairāwhiti are a devastating reminder of the potential for sudden, severe weather,” Whiting cautioned.
Investment Boost is working, according to IRD survey
Economic Growth Minister Nicola Willis says Inland Revenue survey data shows the Government’s Investment Boost policy is working. Willis said among firms that invested in new assets and were aware of Investment Boost, 40% said it increased their investment spending over the past year. “Looking ahead, the impact is even clearer. Nearly half of firms planning to invest over the next five years say Investment Boost is positively influencing those plans, with 14% expecting a large increase in investment as a result.” She said more than half the firms surveyed said it had changed the timing of their investments, including bringing projects forward. “Inland Revenue modelling shows the policy reduces the effective marginal tax rate on new capital investment by around 5 to 6 percentage points on average, making previously marginal projects viable and encouraging more investment to proceed,” Willis said.
Todd Corp exits solar with Pacific sale
Todd Corporation has completed its exit from solar energy with the sale of its Pacific Islands operations to Sunergise for an undisclosed sum.
Rooftop solar energy installer Sunergise was owned by Todd Corp from 2018 to 2023, when it was sold back to its management.
The company is now majority owned by interests associated with founder and chief executive Paul Makumbe.
Sunergise said the deal, which includes Fiji-based Clay Energy, made it the largest privately owned commercial and industrial solar company in the Pacific.
“Acquiring Todd’s Pacific operations, after buying PowerSmart from Vector, strengthens our ability to support more customers and deliver renewable infrastructure that genuinely enables the energy transition across NZ and the Pacific,” said Makumbe.
Another record profit for Skellerup
NZX-listed industrial components manufacturer Skellerup has raised its full-year guidance and increased its interim dividend after posting another record half-year profit. Its net profit for the six months ended December rose 20% on the prior year to $28.9m, while its earnings before interest and tax were 16% higher than a year ago at $40.6m. Revenue for the half rose to $183.5m from $165.3m. Chief executive Graham Leaming said the company had made an excellent start to FY26. “The growth in revenue and earnings was broad-based with the most notable contributions coming from the key dairy, potable and wastewater applications.” Group cash flow rose 20% on the prior year, while net debt fell to $17.5m from $20.4m. On the back of the strong result, the board raised its interim dividend to 10 cents per share from 9cps. Looking ahead, the company increased its full-year profit guidance to between $57m and $62m, up from between $55m and $60m.
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Wed 11 Feb 2026 11:14:12pm
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