Tower Limited's impressive financial recovery

Tower (ASX:TWR) has announced remarkable financial results for the fiscal year ending 30 September 2024. The company reported a significant turnaround from a $1 million loss in FY23 to a profit of $74.3 million. Key factors contributing to this success include the absence of major catastrophic events, improved claims performance, and operational efficiencies.

Tower Limited's strategic outlook and future plans

Tower Limited has demonstrated a notable financial recovery, with a reported profit of $74.3 million for FY24. This success is driven by premium growth, improved claims performance, and operational efficiencies. The company declared a final dividend of 6.5 cents per share and announced a $45 million return of excess capital to shareholders through a mandatory share buyback. Tower remains committed to enhancing customer experiences through digital technology and risk-based pricing models. Looking ahead, Tower forecasts an underlying NPAT of $50 million to $60 million for FY25, with expectations of continued gross written premium growth between 10% and 15%.

Executive insights on Tower Limited's performance

This year has been transformational for Tower. We have achieved a significant turnaround from last year's loss, thanks to our strategic focus on digital technology and operational efficiencies. Our commitment to sustainability and customer experience continues to drive our growth and performance.