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Showing 1-24 of 28 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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Westpac Banking Corporation (WBC)HY26Released 5 May 2026

WBC HY26: NPAT +2.9% but operating cash flow swung to –$6.7bn

Revenue grew 4.6% and PBT rose 1.4%, but a swing to negative operating cash flow of –$6.7bn dominates the quality read.

Published 14 May 2026

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Heartland Group Holdings (HGH)HY26Released 26 February 2026

NPAT rebuilt to NZ$48.8m as the NZ lending reset rolls off

The 1255.6% headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.

Published 21 April 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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General Capital (GEN)HY26Released 21 November 2025

PBT fell 31.8% on 19% revenue growth as costs and book outpaced earnings

Around NZ$0.6m of exceptional first-half costs pushed ROE to 3.4% from 5.5% even as total assets grew 47.2% to NZ$275.8m.

Published 22 April 2026

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Heartland Group Holdings (HGH)FY25Released 21 August 2025

PBT collapsed 45.3% as one-offs and provisions swamped 11.1% revenue growth

Revenue grew solidly but a surge in impairments, acquisition-related costs, and a portfolio reset crushed statutory earnings, leaving underlying NPAT

Published 22 April 2026

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General Capital (GEN)FY25Released 26 May 2025

Assets up 33.6% on funded growth, but ROE direction weakened

Balance-sheet expansion outpaced earnings, and an in-year acquisition broadens segment mix and limits clean year-on-year comparison.

Published 22 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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Heartland Group Holdings (HGH)HY25Released 27 February 2025

NPAT collapsed 90.4% on one-off charges, dividend halved to 2 cents

Reported NPAT of NZ$3.6m versus underlying NZ$10.7m and a 500% NPAT payout ratio leave the dividend reliant on retained earnings, not current profit.

Published 22 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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General Capital (GEN)HY25Released 22 November 2024

Maiden dividend sets payout at 96.5% of NPAT as revenue growth slows to 38.7%

Operating cash of NZ$15.3m easily funds the inaugural distribution, but revenue growth has slowed sharply from the company's recent baseline.

Published 22 April 2026

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Heartland Group Holdings (HGH)FY24Released 29 August 2024

PBT fell 22.0% on near-flat revenue as impairment charges bit hard

Revenue growth of just 0.2% left no buffer when provisions surged, driving a 22.0% PBT decline and compressing ROE to 6.0% from 9.3%.

Published 22 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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General Capital (GEN)FY24Released 27 May 2024

NPAT rose 17% but PBT only 7% as Finance segment profit fell

A lower tax rate and non-recurring prior-year items flattered headline growth while the dominant Finance segment's result declined.

Published 22 April 2026

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Heartland Group Holdings (HGH)HY24Released 27 February 2024

Heartland revenue fell 2.0%, snapping a ~10% growth pattern; PBT down 23.8%

Net operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.

Published 22 April 2026

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General Capital (GEN)HY24Released 28 November 2023

Revenue up 29.7% but Finance segment result fell 16% year-on-year

PBT grew just 1.6% and NPAT growth of 15.8% relied on a lower tax charge as the dominant Finance segment's profitability contracted.

Published 22 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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Heartland Group Holdings (HGH)FY23Released 29 August 2023

PBT down 2.2% while ROE fell to 9.3% on NIM compression

Flat headline NPAT reflects a lower effective tax rate, masking underlying margin pressure and weaker returns on the expanded equity base.

Published 22 April 2026

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General Capital (GEN)FY23Released 29 May 2023

PBT up 77.1% but ROE eased to 9.3% as equity outpaced earnings

Equity grew 79.2% versus 68.4% NPAT growth, signalling capital raised to fund the loan book has yet to lift per-dollar returns.

Published 22 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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Heartland Group Holdings (HGH)HY23Released 28 February 2023

Revenue +10.2% but NPAT just +2.5% as tax step-up and bigger equity base bite

PBT grew 6.3% on stronger margins, but a 29.5% effective tax rate and 30.5% equity expansion drove ROE down to 9.6% from 12.2%.

Published 22 April 2026

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General Capital (GEN)HY23Released 29 November 2022

PBT up 390.8% on 94.7% revenue growth as margin reached 43.5%

Operating leverage from a fast-scaling loan book quintupled PBT in a still-small finance company increasingly funded by term deposits.

Published 22 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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Heartland Group Holdings (HGH)FY22Released 23 August 2022

PBT up 15.5% but NPAT growth held to 9.3% by higher tax rate

Net operating income grew 11.7% and PBT expansion outpaced it, while the effective tax rate rose to 30.6% from 26.6%, narrowing the NPAT result.

Published 22 April 2026

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