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Tower turns to profit as weather plays ball

‘For the longest time it felt like we were a lone voice and there were plenty of detractors,’ says chair Stiassny on the insurer’s risk-based pricing.

Chief executive Blair Turnbull.

Key points
  • Revenue: Up 19% to $269.4m.
  • Profit: $36m vs $5.1m loss last year.
  • Main takeaway: Tower reports a solid half, with 97% of claims completed following last year’s extreme weather. 

Tower Insurance chair Michael Stiassny has emphasised the importance of risk-based pricing, as the insurer turns a profit amid better weather conditions.

The listed company reported a profit of $36 million in the six months ended March 31, compared with a loss of $5.1m the previous year.

Revenue rose

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Jonathan Mitchell Tue, 28 May 2024
Contact the Writer: jmitchell@nbr.co.nz
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Key points
  • Revenue: Up 19% to $269.4m.
  • Profit: $36m vs $5.1m loss last year.
  • Main takeaway: Tower reports a solid half, with 97% of claims completed following last year’s extreme weather. 
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Tower turns to profit as weather plays ball
Investment,
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