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Tower (TWR) briefings

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Showing 1-11 of 11 published briefings.

Tower (TWR)HY26Released 21 May 2026

PBT fell from $70.2m to $32.2m on remediation and weaker investment income

Margins remain in the historical normal range, so the comparison reflects an unusually strong HY25 rather than HY26 underperformance.

Published 21 May 2026

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Tower (TWR)FY25Released 27 November 2025

Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9m

Rate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.

Published 21 April 2026

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Tower (TWR)HY25Released 20 May 2025

Tower PBT margin hits unprecedented 23.7% as ROE reaches 29.0%

Reported NPAT rose 38.1% to NZ$49.7m but underlying NPAT of NZ$61.7m flags customer remediation and Canterbury claim drag.

Published 23 April 2026

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Tower (TWR)FY24Released 28 November 2024

Combined ratio swung 22 points to 79%, restoring underwriting profit

FY24 reflects a calmer large-event year and IFRS 17 first-time adoption, so the headline recovery is not a clean like-for-like read.

Published 23 April 2026

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Tower (TWR)HY24Released 28 May 2024

Tower swung to NZ$36.0m NPAT with PBT margin at 17.7%

Underwriting rebounded sharply and the interim dividend resumed at 3.0 cps, but the revenue line is broken by an insurance-presentation basis change.

Published 23 April 2026

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Tower (TWR)FY23Released 23 November 2023

Combined ratio hit 101.0%; no FY23 dividend after catastrophe year

Large-event claims of NZ$38.2m drove underwriting into loss and operating cash inflow fell to NZ$10.0m, straining solvency and capital return.

Published 23 April 2026

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Tower (TWR)HY23Released 25 May 2023

Weather drove $5.1m reported loss; ex-events underlying NPAT rose 30%

Catastrophic claims and reserve strengthening obscured a stronger underlying book and prompted Tower to skip the interim dividend.

Published 23 April 2026

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Tower (TWR)FY22Released 23 November 2022

Combined ratio improved to 90.1% but solvency fell from 271% to 205%

Underwriting strengthened and full-year dividend rose to 6.5c, yet operating cash inflow fell to $59.8m from $98.6m as the capital buffer thinned.

Published 23 April 2026

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Tower (TWR)HY22Released 26 May 2022

NPAT fell 74.8% on large events while underlying profit rose 6.4%

Weather-event claims drove Pacific Islands into a $2.3m loss and pre-lease FCF below normal; Tower held FY22 underlying NPAT guidance.

Published 23 April 2026

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Tower (TWR)FY21Released 24 November 2021

Combined ratio rose to 91.4% on weaker underwriting

Underwriting profit fell to $28.7m from $36.7m as large-event claims and a higher loss ratio offset modest premium growth.

Published 23 April 2026

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Tower (TWR)HY21Released 26 May 2021

Combined ratio rose 4.9pp to 90.3% as large events drove underwriting lower

Underwriting profit fell to $16.2m from $22.9m, yet Tower restarted dividends on a 309% solvency margin.

Published 23 April 2026

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