Investment in technology and a simplified business model are the key objectives for life insurer Tower Australia in the coming year, shareholders were told at last week’s AGM in Sydney.

Chairman Rob Thomas says the nation’s fourth-largest life insurer intends “to remain at the forefront of innovation in the life insurance industry” after a “challenging” year in 2009.

Tower Australia net profit fell 32% to $46.4 million last year due largely to investment market impacts and non-cash items including a higher amortisation charge.

NZ insurer Tower Limited is meanwhile on track to replicate last year’s good fortune, with Chairman Tony Gibbs reporting improved trading during the fourth quarter.

Tower NZ last year reported a 24% increase in net profit of $NZ50.1 million ($39.2 million) after recording strong growth across health, life and general insurance.

The two companies undertook a demerger in 2006.