Tower shareholders will be rewarded for the company's much
improved profit through an increased dividend payment and a
capital return of about $120 million, the company announced
yesterday.
Shares in dual-listed
insurer Tower have been pummelled this year dropping almost
25% in value, reflecting uncertainty about premium increases
in New Zealand and Australia.
Tower Ltd remained in a sound financial position despite two
major earthquakes in the past six months, group managing
director Rob Flannagan said yesterday.
Any purchase of AMI Insurance by another New Zealand-based
insurer would need Commerce Commission approval, to ensure
competitiveness remained in the market.
