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Tower (TWR) briefings
Read that company's published results in release order, newest first.
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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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
Read briefingTower (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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