Listed life insurer Tower Australia Group has delivered a 29% improvement in net profit to $40.7 million for the year to September 30. The company’s underlying profit, discounting non-cash items including amortisation of intangibles, was also up 29%, to $54 million.

In its first annual financial report since the demerger with New Zealand general and health insurance parent Tower Limited last year, Tower Australia achieved a profit per share of 16c and a return on equity of 10.4%, an increase of 22%.

New business was up 30% to $45 million, while in-force premiums were up 6% to $664 million. Shareholders received a 4c dividend per share.