Tower to return $NZ70m capital

Guinness Peat Group-owned insurer will return cash to shareholders after sale.

Tower (TWR), the general insurer that is 34% owned by Guinness Peat Group, says it will return an initial $NZ70 million ($A62.06 million) of capital to shareholders from the sale of its life insurance business.

The insurer sold its life business to Fidelity Life Assurance for about $NZ145m in cash and liabilities in May.


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