Tower Limited Announcement On The Annual Meeting

Tower Limited Announcement On The Annual Meeting

To be held in Auckland on 19 February 2019 at 2.30pm, Tower Limited (ASX: TWR) advises about its annual meeting. Guineas Room 3, Ellerslie Event Centre, Ellerslie Racecourse, 80 Ascot Avenue, Auckland will be the venue of this meeting.

The company’s recent results show that they are making good progress in the transformation, which is driving strong growth on a journey to transform and grow their business. This year they have created a digital-first version of their annual report as the strategy puts them on a path to be a digital challenger.  [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

Over the past one year, the company added over 18,000 risks to their core New Zealand portfolio and grew GWP in our core New Zealand portfolio by 11.9%. Resulting in 4% growth in larger, low-risk areas like Auckland and Taranaki, the company launched risk-based pricing, while reducing their exposure in extreme risk areas by an annualized figure of 17%. Increased sales through digital channels to 45% of new business in September 2018, up from less than 10% in FY16. The company also hit the halfway point of their major technology upgrade with new business to be on sale on the new platform midway through the 2019 calendar year.

Resulting in a significant uplift in customers a new technology is accelerating growth with work already completed. Throughout the year the company continued investing in their business, building capability to enable growth and they achieved this while reducing their expense ratio almost 1% to 39%.

The company reported achieving a settlement with Peak Remarked an important step towards finalizing this legacy issue and resulted in a $16.2 million after-tax impact on profit. With 18,192 risks added to the core New Zealand book transformation of core business well underway and driving strong GWP growth in the core New Zealand book of 11.9% on the prior year and had strong volume growth.

Tower Limited (ASX: TWR) is up by 2.158% to trade at $0.710 and has seen a performance change of 13.93% over the past 12 months.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Checkout our Free Dividend Stocks Report

Specially made for income-hungry investors, Invest in growing Franked Dividends an opportunity that should not be missed.

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report