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Business Description: Tower Limited (TWR) provides a comprehensive range of risk insurance and wealth management products and services to customers throughout New Zealand and the Pacific Islands. Products and services include life and general insurance, superannuation, retail managed funds and master trusts.
Strategy Analysis: Tower (TWR) is close to completing the strategic review recommendations following the sale of the Health business in late 2012, and the sale of the Investments business for NZ$79m. The recently announced sale of the Life Insurance business completes the trifecta. TWR has been successful at reducing costs over the last few years, which is reflected in improved margins across all its businesses. Service levels in the general insurance business have improved markedly. Claims management has improved with the strategy of assessing claims in-house as opposed to outsourcing to third party providers.
Tower reported NPAT up 67.36% to NZ$55.34m for the year ended 30 September 2012. Revenue from ordinary activities were NZ$483.33m. Basic and Diluted EPS were 20.75 NZ cents compared to 12.57 NZ cents last year. Net operating cash flow was NZ$70.52m compared to an outflow of NZ$4.65m in the pcp. The final dividend declared was 6 NZ cents, taking the full year dividend to 11 NZ cents compared with 6 cents last year.
The Age 24/05/2013 |
The door has been opened to full deregulation of electricity prices in NSW after a report found there was a high degree of competition, with more than 60 per cent of households on unregulated contracts.
The Age 24/05/2013 |
James Hardie expects no big improvement in the housing market this year but says the sector has stabilised after interest rate cuts.
The Age 24/05/2013 |
Foster's owner SABMiller reported a 5 per cent drop in sales volumes in Australia over the past year but notched up 3 per cent growth in the fourth quarter, boosted in particular by the relaunch of Victoria Bitter.
The Age 24/05/2013 |
The ASX took more than three hours to tell stockbrokers and investors a computer failure had knocked out its critical market announcements feed in October last year, according to a new investigation into the incident.
The Age 24/05/2013 |
The Australian dollar plunged to its lowest level in a year, shedding over US2¢ in a session, as traders reacted to contradictory comments from the head of the US Federal Reserve on Thursday.
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