Things are looking better for leading NZ life insurer and fund manager Tower Group than they were a year ago, when the vultures were circling to see what could be stripped from the carcass. Since reporting a solid first-half profit in May of $NZ20 million, the group’s shares have jumped 15%, but even in good health it’s still seen as a takeover target.

This time last year Tower was forced into a $180 million emergency capital-raising. It reported a half-year loss, was in debt and had copped a warning from the regulators to boost its capital reserves  

Tower’s turnaround has spurred rumours that a major Australian operator may soon acquire the group. The Australian Financial Review has named Promina, former majority shareholder Guinness Peat Group, IAG and Westpac as potential buyers.