New Zealand general insurer Tower expects to achieve a full-year underlying net profit of about $NZ28 million ($26.2 million) as announced last month in an investor update.

The $NZ47.2 million ($44.2 million) pro-rata renounceable entitlement offer Tower provided in the update has also been completed.

Part of the capital raised will be used to support the $NZ13 million ($12.2 million) acquisition of Youi’s New Zealand portfolio.

Tower will release its results for the year to September next month.