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.
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.