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Tower reports $1.2m loss, after multiple extreme weather events

Insurer reports overall loss in year ended September, while no dividend will be paid.

Tower CEO Blair Turnbull.

Key points
  • Revenue: Up 61% to $725m.
  • Profit: $1.2m loss vs $18.9m profit last year.
  • Main takeaway: Tower has navigated extreme weather events this year, noting conditions should be better in FY24. 

Insurer Tower has reported a full-year loss, after being challenged by extreme weather events.

The listed company said its net loss was $1.2 million in the year ended September 30, compared with a profit of $18.9m last year.

That included strengthening of the residual Canterbury earthquake and

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Key points
  • Revenue: Up 61% to $725m.
  • Profit: $1.2m loss vs $18.9m profit last year.
  • Main takeaway: Tower has navigated extreme weather events this year, noting conditions should be better in FY24. 
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Tower reports $1.2m loss, after multiple extreme weather events
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