New Zealand insurance and investments provider Tower Limited has banked $NZ40.5 million ($34.3 million) for the year as growth among insurance portfolios helped push revenue 17% higher.

Tower’s general insurance activities contributed $NZ14.8 million ($12.5 million) to the result, 20% ahead of last year.

Health and life insurance contributed $NZ28.5 million ($24.1 million), a 25% improvement. Tower investments reported a $NZ3.7 million ($3.1 million) after-tax profit.

Group MD Rob Flannagan says the positive result “demonstrates that Tower’s underlying strengths will serve it well in a slowing economy. “We are a NZ and Pacific Islands business and are not distracted by overseas relationships,” he said.

“The focus will continue to be on dominating selected niches in the insurance and wealth management markets.”