TOWER PROGRESSES FROM STRENGTH TO STRENGTH

Hello everyone,

It has been some time since I updated you with progress at TOWER and I thought with mid-year upon us, this would be a good opportunity.  

Firstly, the numbers have been coming through well and our shareholders have been benefiting from this:

• Our profit just reported was 55% up on the prior year
• We have continued to make strong progress in both our Australian and NZ businesses
• The PrefSure purchase and merger is going well.  That gives us a leading market position in Australia
• Our capital position is strong
• Our management team has been improved with the PrefSure merger and gives us capability for more growth

TOWER is now in a position of strength and a lot of that is due to you. I want to take this opportunity to thank you for your support.  The key to our success is partnerships with advisers. We value those and your support is appreciated.

Our strategy over the past few years of being a specialist business has worked well and I am excited about the next phases of our development.  This is a great business to be involved in!

We now have three times more capital in reserves than we are required to by the Australian regulator, APRA (Australian Prudential Regulation Authority).  We see having strong capital reserves as being essential to the business, providing financial strength and allowing plenty of room for further growth.

We will be working on a number of new opportunities over the next year.  We see that through key partnerships we can build value with you and take advantage of the growth upside that must come from the closing of the major underinsurance gap in Australia.

Once more, I would like to thank you for your support in the past and we look forward to working with you again in the future.  Should you have any questions of TOWER, suggestions on ways we can improve our service to you, please do not hesitate to our management team or myself.

Best wishes

Jim Minto
Group Managing Director
TOWER Limited

Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.

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TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848