Tower has reported a half year net profit in excess of $30 million and has also appointed a new chief executive.
Tower Australia has reported a half-yearly net profit of $30.9 million, up 81 per cent on the $17.1 million profit for the corresponding period last year.
The results show an underlying profit increase of 19 per cent to $33.9 million for the six month period to March 31, 2008, compared to $28.5 million for the same period last year.
The first half result reflects a continued improvement in the financial performance of the group, Tower managing director Jim Minto said.
"We have continued to see sound growth and, with prudent management, an improved result. Claims have been within expectations and the overall life market environment remains positive," Minto said.
Tower said key strengths are its specialist life insurance product and distribution areas.
"The recent launch of the Tower Accelerate solution is providing much faster policy underwriting for advisers and clients. It has set a benchmark for the industry," Minto said.
The insurer has appointed Brett Clark to the role of chief executive for Retail Life.
Clark was previously the deputy managing director for AIG Life and will take up his position with TOWER in August 2008.
"Brett's expertise and ability in life insurance is of the highest quality and TOWER is extremely pleased to be able to attract him to this role," Minto said.
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