Canterbury Earthquake Continues to Weigh on Tower's Bottom Line; FVE Cut to NZD 0.85
We cut our fair value estimate for no-moat Tower to NZD 0.85 per share (from NZD 1.20) and increase our fair value uncertainty to very high (from high). This follows a reassessment of risks from Canterbury earthquake claims and the insurer's longer-term outlook. We cut our long-term earnings growth assumptions, reflecting higher claims costs on expectations of further increases in claims provisions, particularly for large claim events, lower premium growth expectations due to tougher competition...Tower is engaged in the provision of general insurance. Co. and its subsidiaries primarily operate in New Zealand with some of its operations based in the Pacific Islands region. Co. and its subsidiaries' operating segments are New Zealand General Insurance and Pacific Genral Insurance. The New Zealand General Insurance segment comprised general insurance business written in New Zealnd. The Pacific Genral Insurance segment includes genral insurance business with customers in the Pacific Islands written by TOWER Insurance subsidiaries and branch operations.
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