Legacy earthquake claims continue to weigh on earnings.
Legacy Canterbury earthquakes claims and other catastrophe events overshadow a sound underlying first-half fiscal 2017 result by no-moat Tower Limited. Underlying NPAT excluding these items was up 7.6% on the previous corresponding period to NZD 8.1 million and slightly better than expected. As expected, no dividend was declared. There were positive signs from the insurer’s strategic initiatives which include improving underwriting, building digital capability, rationalising products, simplifyin...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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