Reuters: Financial Services and Real Estate: NZ's Tower H1 profit bounces back after quake

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

NZ's Tower H1 profit bounces back after quake May 24th 2012, 21:15 WELLINGTON | Thu May 24, 2012 5:15pm EDT WELLINGTON May 25 (Reuters) - New Zealand insurer and fund manager Tower Ltd. on Friday reported an 81 percent rise in half year profit as its earnings improved on improved revenue and reduced payouts associated with the Christchurch earthquake and higher investment returns. The company said profit after tax for the six months to March 31 was NZ$23.6 million ($17.7 million) compared with NZ$13 million in the same period last year. It said Christchurch earthquake related claims had hit profit by NZ$4 million, but its profit from life insurance sales almost doubled, smaller lifts in health insurance sales, and investment returns. Shares in Tower closed on Thursday at NZ$1.62. The stock has gained around 6 percent so far this year, compared with a 7 percent rise in the benchmark top-50 index. The company declared an increased interim dividend of five cents a share from four cents last year. Tower is the third-largest retail fund manager in New Zealand and second-largest health insurer. ($1=NZ$1.33)

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