Tower Lifts Fiscal 2025 Profit Guidance on Lower Large Event Costs

MT Newswires Live09-12

Tower (ASX:TWR, NZE:TWR) lifted its fiscal 2025 underlying net profit after tax (NPAT) guidance to a range of NZ$100 million to NZ$110 million, up from NZ$70 million to NZ$80 million previously, driven by lower large event costs and growth in customer numbers, according to a Friday filing with the New Zealand bourse.

The previous guidance assumed full use of the NZ$50 million large events allowance, the filing said. However, with only NZ$7 million in costs so far, around NZ$43 million is expected to be added back to underlying NPAT, assuming no further events.

The company's customer base rose 5% to 318,000, with policy growth of 4%, led by a 10% rise in New Zealand house insurance, per the filing.

The gross written premium (GWP) growth guidance was cut to 2% to 3% from mid-single digits, with the management expense ratio rising to about 31% due to lower GWP and ongoing technology and customer acquisition investments, the filing added.

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