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Tower Limited (ASX:TWR)

ALERT: Price-sensitive ASX Announcement for TWR
Current share price for TWR : $1.525 -0.165 (-9.76%)+
Announcement
Release
21 May 2026 7:31AM
Price at Release
$1.690
Full Release
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Summary
Tower Limited reported a strong underlying net profit after tax of $36.8 million for the half year ended 31 March 2026, despite a challenging environment marked by pricing pressure and increased weather-related claims. The reported profit was $22.9 million, with gross written premium growing by 1% to $301 million. Customer base increased by 5% to 327,000, while the business as usual claims ratio rose to 44% due to more frequent weather events. The management expense ratio increased to 31% as a result of continuous investment in technology and growth initiatives. Tower declared a 5 cents per share interim dividend and continues to focus on strategic growth through partnerships and digital enhancements.
Key Points
  • Tower Limited reported an underlying NPAT of $36.8 million for HY26.
  • Reported profit for Tower Limited was $22.9 million for the half year.
  • Gross written premium saw a 1% increase to $301 million.
  • Customer numbers grew by 5% year-on-year to 327,000.
  • BAU claims ratio increased to 44%, up from 38% in HY25 due to weather events.
  • Management expense ratio rose to 31%, reflecting investment in tech and growth.
  • Large event costs totaled $18.5 million, significantly higher than $3 million in HY25.
  • Tower declared an interim dividend of 5 cents per share.
  • Strategic initiatives for future growth include partnerships with Westpac and Kiwibank.
  • Tower continues to adapt to economic challenges and leverage digital technology.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.