Kiwi insurer Tower Limited (ASX:TWR) (NZX:TWR) today announced a drop in statutory profit of NZ$12.3 million – this compares to $NZ16.8 million at the same time last year. This figure includes the $9.5 million received from the recently announced Earthquake Commission (EQC) settlement of $42.1 million.
What else did Tower announce
Tower says its investment in digital and data has helped the company grow its gross written premium by 8% to $385 million, and increase customer numbers by 11% to 300,000.
The company says it has improved its loss ratio from 48% to 46% in FY20, which demonstrates its ability to grow the business while managing claims effectively. Loss ratio is used in the insurance industry to represent the…