NZ-owned Tower is in a growth phase, with strong sales and earnings results over the six months to March 31.

CEO Jim Minto says seasonal factors will keep the figures steady over the second half of the company’s financial year (to September 30), but the industry should then expect further growth.

The trans-Tasman insurer reported net profit of $NZ32.5 million ($27 million) over the period. This represents an on-paper increase of 55% on last year’s results, although the latest figures have been reported under new standards being implemented across corporate NZ.

The result was in line with analysts’ expectations.

Mr Minto says the company’s long-term prospects are strong, particularly in the relatively new theatre of Australian life insurance.

“Tower has momentum across its businesses and this is positive for the future,” he said. “In terms of market operating environments we continue to see the faster-growing Australian market as attractive.”

He is particularly pleased with the way the latest acquisition is integrating with the wider business. Tower completed its buyout of Australian life insurer PrefSure on March 31, so its earnings are not included in the most recent announcement. A successful integration will boost Tower’s share of the Australian life sector.