TWR - Tower Insurance.

[Jaa]

That's only 76% of the already heavily written down amount though!

So yet another year ruined by a "one off" write down from the Christchurch earthquakes. $9.5m from net profit so more than that excluding the tax benefit.

Not really that impressive.

[nztx]

Still no Div likely

Custies seem to be getting best end of the stick with Tower on all the feel good promo's
and Holders get ignored again & again & again (until TWR have need to come knocking for
another Cap Raise)

Not a Holder nor have been for some time - the future prospects based on past TWR track record
dont really inspire or excite either !

[Jaa]

Here is the numbers from the HY report relating to the EQC claimable. Amazing how TWR have got their risk margins wrong every single year since the earthquakes.

EQC recovery receivable ($ thousands 31-Mar-20)

EQC related to closed claims 76,900
EQC related to open claims 1,300
Risk margin on EQC receivable (9,200)

Receivable from EQC 69,000

EQC payable to reinsurers on closed claims (17,000)
EQC payable to reinsurers on open claims (300)
Risk margin on EQC payable to reinsurers 2,300

EQC payable to reinsurers (15,000)


Receivable from EQC net of reinsurance 54,000

Actual amount recieved: $42.1m

[winner69]

Full year tomorrow ...intake it will be in $25m to $28m range

Guidance F21 could be interesting.

[Gerald]

“We now have a very strong capital position and will provide a further update in relation to dividend payments with our 2020 financial year results announcement tomorrow.”

Sounds encouraging, we could get a (tiny) 50% NPAT divi announced tomorrow considering profit will be lower from the writeoff and the 10.5-12.5m harold/timaru hailstorm expense.

Although wouldn't be suprised if they complain the RBNZ holding them back.

Just imagine if we had no dodgy weather for a year, Tower would be stacked

[nztx]

“We now have a very strong capital position and will provide a further update in relation to dividend payments with our 2020 financial year results announcement tomorrow.”

Sounds encouraging, we could get a (tiny) 50% NPAT divi announced tomorrow considering profit will be lower from the writeoff and the 10.5-12.5m harold/timaru hailstorm expense.

Although wouldn't be suprised if they complain the RBNZ holding them back.

Just imagine if we had no dodgy weather for a year, Tower would be stacked

In such a unique uneventful year, undoubtedly planning to stack some more unfortunate stakeholder loot
to bankroll a further acquisition that just mysteriously appeared out of nowhere could never be
discounted - rather than shelling out even a token dividend ..

Just to show that no-one has fallen asleep at their desks in the TWR control towers ..

[winner69]

Beat guidance

Should be good for the share price

http://nzx-prod-s7fsd7f98s.s3-websit...840/335912.pdf

[trader_jackson]

Beat guidance

Should be good for the share price

http://nzx-prod-s7fsd7f98s.s3-websit...840/335912.pdf

And a larger than expected pay day yesterday... great stuff all round!

[850man]

And a larger than expected pay day yesterday... great stuff all round!

The market is uninspired by it all - 5ish% SP drop today. I tend to agree with other's comments that Tower does not care about returning value to shareholders.

[percy]

The reason for the drop .
I brought a few at 62.5 cents at open.
All the talk of digital sales and claims got me excited..lol.

"Tower CEO Blair Turnbull, who joined the company in August 2020, says the company’s digital and data
strategy is a game changer and is laying the groundwork to fundamentally transform how we deliver
insurance in New Zealand and the Pacific."
“Digitisation allows Tower to reach customers in new and exciting ways. As a result of our simplified online
processes, two-thirds of new business is now coming through online channels and close to half of all claims
are being logged online. Less than a year ago we launched MyTower, a fully online sales and service portal,
and since then we’ve had over 50,000 people register. It’s this type of innovation that will set us apart,” says
Turnbull.