Select a related site... TOWER Advisers ARCMT InsuranceLine Pivotal

Latest TOWER News

TOWER Australia profit growth continues - 2008 half year financial results.

TOWER Australia Group Limited (TOWER Australia), the fourth largest life insurer in Australia, has announced its half-yearly financial results for the six months to 31 March 2008.

TOWER Australia (ASX:TAL), reported a net profit of $30.9 million, up 81% on the $17.1 million profit for the corresponding period last year. The underlying profit increased 19% to $33.9 million for the six month period compared to $28.5 million for the same period last year.

Managing Director, Mr Jim Minto, said the first half result reflected a continued improvement in the financial performance of the group and was a pleasing result.

“While we face tighter economic times today many people are also realising that life insurance is very important and provides people with protection and assurance. We have continued to see sound growth, and with prudent management, an improved result.

“The company is competitively well placed with continued improvement and investment in core capabilities and technology to support its target business platform. TOWER Australia also has strengths through diversity in key specialist life insurance product and distribution areas. The recent launch of the TOWER Accelerate solution is providing much faster policy underwriting for advisers and clients. It has set a benchmark for the industry.

“In the Group Life sector, TOWER Australia continues to invest in building new technology capability and sees this as part of the longer term differentiation of the business. This differentiation continues to show success.

“In building our core capabilities and remaining focussed on thought leadership and innovation in the Australian life insurance market TOWER is well placed.

”In thought leadership, we will continue to speak out on issues which prevent Australians gaining improved access to the financial protection offered through life insurance. We continue to call for reforms to the FSR model to make advice more readily available for all Australians. We are now also asking that the upcoming tax review looks at the present confusing and often inequitable Federal and State tax structures applying to life insurance. This should see changes to the taxation of life insurance and removal of stamp duty on life premiums.

Click here for more information