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10 stories mentioning ASX:TWRUpdated 23d ago

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Asia

Insurance Council of New Zealand Encourages Sector to Consider Financial Markets Authority Review in Push for Fair Customer Outcomes

The Insurance Council of New Zealand (ICNZ) on Friday encouraged insurers to consider the findings of a Financial Markets Authority review as they work to achieve fair customer outcomes.The review of add-on insurance and extended warranties, published Thursday, found that that stronger oversight of sales and distribution channels is required to support fair outcomes.ICNZ said it "supports initiatives that help ensure consumers receive clear information, can make informed decisions, and have confidence that insurance products meet their needs."The review examined how insurers design, distribute and oversee a range of products and found a recurring gap between the policies and controls insurers described and how they operated in practice.In recent Friday trade in Australia, shares of QBE Insurance Group (ASX:QBE), Insurance Australia Group (ASX:IAG), and Suncorp Group (ASX:SUN) all rose past 1%, while Tower (ASX:TWR, NZE:TWR) shed over 1%.

ASX:IAGASX:QBEASX:SUNASX:TWRNZE:TWR
Asia

New Zealand Financial Markets Authority Flags Gaps in Add-On Insurance Sales Oversight

New Zealand's Financial Markets Authority (FMA) said it has published a review of add-on insurance and extended warranties, finding that stronger oversight of sales and distribution channels is needed to support fair consumer outcomes, according to a Thursday statement.The review examined how insurers design, distribute and oversee products such as mechanical breakdown insurance, guaranteed asset protection (GAP) insurance, payment protection insurance and extended warranties, finding a recurring gap between the policies and controls insurers described and how they operated in practice, per the statement.FMA director Michael Hewes said insurers cannot outsource responsibility for fair consumer outcomes, with distribution oversight identified as the area where the most improvement is needed, as the review found limited evidence of monitoring proportional to the risks associated with commission-based and intermediated sales models.The FMA has provided targeted feedback to participating insurers and expects the wider sector to consider the findings and consider whether similar issues exist in their own operations.In recent Thursday trade on the Australian bourse, QBE Insurance (ASX:QBE) fell 4%, Insurance Australia Group (ASX:IAG) fell almost 3%, and Suncorp (ASX:SUN) fell almost 3%, while Tower (ASX:TWR, NZE:TWR) rose 1%.

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Asia

Tower Appoints CFO

Tower (ASX:TWR, NZE:TWR) appointed Len Elikhis as chief financial officer, effective Nov. 2, according to Tuesday filings with the Australian and New Zealand bourses.Elikhis will take over from Simon Hoole, who had been serving as interim CFO, the filing added.

ASX:TWRNZE:TWR
Asia

Westpac NZ Customers to Receive Natural Hazard Risk Information for Properties from Tower Under Insurance Partnership

Westpac Banking (ASX:WBC, NZE:WBC) said Westpac NZ customers who apply for a home insurance quotation in the Westpac One online banking platform will be able to directly access natural hazard risk information from Tower (ASX:TWR, NZE:TWR) for a specific property, according to a Wednesday statement.Under Westpac's general insurance partnership, Tower is Westpac NZ's underwriter for new house, contents, and car insurance products, effective Wednesday.The current insurance policies of existing Westpac insurance customers underwritten by IAG will continue.Shares of the bank fell 1% in recent trading on both the Australian and New Zealand bourses.

ASX:TWRASX:WBCNZE:TWRNZE:WBC
Asia

New Zealand's Financial Markets Authority Urges Insurers to Consider Consumer Risks in Benefits, Campaigns

New Zealand's Financial Markets Authority (FMA)on Thursday urged insurers to adopt a proactive and outcome-focused approach to manage risks associated with short-term sales campaigns and incentives, pointing to potential conflicts of interest that can jeopardize the fair treatment of consumers.Although the majority of insurers have processes in place to identify and manage such risks, their approaches to risk mitigation vary, the FMA said.The regulator outlined multiple areas of focus, including the need for greater stakeholder involvement when designing incentives, clear governance and approval processes, enhanced monitoring of how incentives impact consumer outcomes, and more use of proactive reviews as opposed to relying only on complaints or feedback.According to the FMA, the risks include insurers potentially recommending a product or value of insurance cover that is not suited to the customer's needs, or recommending a policy replacement just to increase the chance of the adviser receiving a soft commission."These benefits and campaigns, or soft commissions, have a place, but insurers should actively consider these risks to ensure their fair conduct programs are designed to support fair treatment of consumers," said Michael Hewes, the FMA's director of deposit-taking insurance and advice."We want these insights to support insurers to take consumers' interests into account when designing, offering, and managing benefits and campaigns," Hewes added.

ASX:IAGASX:QBEASX:TWRNZE:TWR
Asia

Australian Shares Up, Zip Co to Continue Using Zip Brand in Australia

Australian shares rose on Thursday as hopes increased that a deal to resolve the conflict in the Middle East was nearing.The S&P/ASX 200 Index rose 1.47%, or 125.10 points, to close at 8,621.70.Brent crude oil futures fell to trade around $105 per barrel after US President Donald Trump said the country was in the final stages of talks with Iran.On the domestic front, Australia's seasonally adjusted unemployment rate rose to 4.5% in April, up from 4.3% in March, data from the Australian Bureau of Statistics showed.Australia's private sector slipped back into contraction in May as output, demand, and business sentiment weakened amid persistent inflation pressures and geopolitical disruption, according to a survey by S&P Global. The Flash Australia PMI Composite Output Index fell to 47.8 in May from 50.4 in April, signaling a moderate contraction in activity.In company news, Zip Co (ASX:ZIP) said it will continue to operate using the Zip brand in Australia after a settlement with mortgage lender Firstmac. As part of the deal, the company will acquire the registered trademark number 1021128 for Zip, allowing it to continue using the name Zip in Australia for its products and services.Tower (ASX:TWR, NZE:TWR) reported fiscal first-half earnings of NZ$0.066 per share, down from NZ$0.13 a year earlier. Gross written premium for the six months ended March 31 was NZ$300.8 million, compared with NZ$297 million a year earlier.Lastly, IperionX (ASX:IPX) completed the site acceptance and commissioning of its 300-ton six-axis SACMI powder metallurgy press at its Titanium manufacturing campus in Virginia, U.S. The facility provides higher compaction force, multi-axis movement, improved repeatability, and enhanced geometry control in comparison with conventional uniaxial pressing systems. Its shares fell 11% on market close.

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Asia

Update: Tower Posts Lower Fiscal H1 Earnings, Higher Gross Written Premium; Shares Fall 5%

(Updates to add stock movement in the headline and last paragraph)Tower (ASX:TWR, NZE:TWR) reported Thursday fiscal first-half earnings of NZ$0.066 per share, down from NZ$0.13 a year earlier.Gross written premium for the six months ended March 31 was NZ$300.8 million, compared with NZ$297 million a year earlier.The company expects gross written premium growth in the low single digits, down from 5% to 10%, due to lower average premiums and subdued market conditions, while underlying net profit after tax, assuming full utilization of the large events allowance, is projected to be between NZ$55 million and NZ$65 million.The board declared an interim dividend of NZ$0.05 per share, down from NZ$0.08 a year earlier, payable June 25 to shareholders on record as of June 11.The company's shares on the Australian and New Zealand exchanges fell by around 5% and 7%, respectively, in recent Thursday trade.

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Asia

Tower Posts Lower Fiscal H1 Earnings, Higher Gross Written Premium

Tower (ASX:TWR, NZE:TWR) reported Thursday fiscal first-half earnings of NZ$0.066 per share, down from NZ$0.13 a year earlier.Gross written premium for the six months ended March 31 was NZ$300.8 million, compared with NZ$297 million a year earlier.The company expects gross written premium growth in the low single digits, down from 5% to 10%, due to lower average premiums and subdued market conditions, while underlying net profit after tax, assuming full utilization of the large events allowance, is projected to be between NZ$55 million and NZ$65 million.The board declared an interim dividend of NZ$0.05 per share, down from NZ$0.08 a year earlier, payable June 25 to shareholders on record as of June 11.

ASX:TWRNZE:TWR
Asia

New Zealand Shares Fall; AM Best Affirms Tower Ratings at 'A-Excellent' With Stable Outlook

New Zealand shares closed lower on Tuesday amid reports of US President Donald Trump being unsatisfied with Iran's latest proposal to end the US-Iran conflict.The S&P/NZX 50 Index fell 0.86% or 110.54 points to close at 12,764.40.Trump is "unhappy" with Iran's latest proposal to resolve the two-month conflict, according to a Tuesday Reuters report, citing a US official.New Zealand signed a free trade agreement (FTA) with India on Monday that lowers tariffs on key fruit imports such as kiwifruit and apples, expands opportunities for Indian exports, and eases visa access as the two countries deepen economic ties, according to a Monday Reuters report.In domestic news, the total business count across New Zealand fell to 599,352 in March from 599,625 in February, according to data from Stats NZ.Also, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.3% month on month to 2.4 million in March, following a 0.2% increase in the previous month, data from Stats NZ showed.Further, home lending in New Zealand increased almost 18% in the six months through December 2025, with first-home buyers receiving nearly a quarter of new residential loans in the period, the New Zealand Banking Association (NZBA) said.In corporate news, Tower (ASX:TWR, NZE:TWR) said AM Best has reaffirmed its financial strength rating at "A-Excellent" and its long-term issuer credit rating at "a-Excellent," both with a stable outlook.Fletcher Building (ASX:FBU, NZE:FBU) entered a binding conditional agreement to sell its Fletcher Reinforcing and Wire business to United Industries for NZ$15.7 million.

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Asia

AM Best Affirms Tower Ratings at 'A-Excellent' With Stable Outlook

Tower (ASX:TWR, NZE:TWR) said AM Best has reaffirmed its financial strength rating at "A-Excellent" and its long-term issuer credit rating at "a-Excellent," both with a stable outlook, according to a Tuesday filing with the New Zealand bourse.The agency attributed the ratings to the company's strong balance sheet, adequate operating performance, neutral business profile, and sound risk management, the filing added.

ASX:TWRNZE:TWR

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