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Tower delivers full year profit on the back of solid growth

Three years of improving results and solid growth achieved

Kiwi insurer, Tower Limited (NZX/ASX:TWR), has today announced a full year profit of $16.8 million after tax, a $23.5 million improvement on the same period last year.

These results demonstrate the strength of the business and the strategy in place that has transformed Tower into a company that is vastly different from the one it was four years ago.

Tower Chief Executive Richard Harding says this result has been achieved thanks to a relentless focus on improving the business and delivering something better for customers.

"New Zealand’s insurance customers have been conditioned to accept the status quo, but we’re challenging this and I’m pleased that customers are noticing and our business is growing," says Harding.

"Sales through our online channels keep on increasing and the recent launch of our new IT platform means we can push harder into the digital space and realise our ambition to be a digital challenger brand.

"The growth we’ve achieved, and the pending purchase of Youi NZ’s insurance portfolio is increasing our market share as more New Zealanders see us as a better, fairer and more transparent option," said Harding.

Mr Harding said that the result is immensely pleasing, but there is still work to do to keep delivering improvements.

"The momentum we’ve built in the business will be accelerated with the recent launch of our new technology platform, but as always, there’s more work to do.

"Our focus now shifts to maximising the new platform, putting new products out into the market, improving productivity and continuing to raise the bar for the way insurers should act," says Harding.

Please see the attached release for detailed features of Tower’s 2019 full year result.


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