Tower (TWR) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the Chairman, with directors, CEO, acting CEO, interim CFO, and auditors present; shareholders joined both in person and online.

• Chairman Michael Stiassny, CEO Blair Turnbull, and CFO Paul Johnston provided updates on business performance, strategy, and future outlook.

• Housekeeping covered, including voting and Q&A procedures for both in-person and online attendees.

• Agenda included performance update, strategy, formal resolutions, Q&A, and general business discussions.

• CEO Blair Turnbull highlighted strong Q1 performance and reaffirmed the company's strategic direction, emphasizing sustainable growth, digital innovation, and risk selection.

Financial performance review

• FY24 gross written premium (GWP) rose 15% to NZD 595 million; underlying profit after tax was NZD 83.5 million, reported profit was NZD 74.3 million.

• Management expense ratio improved to 31.4%; BAU claims ratio improved to 48% due to pricing, underwriting, and calmer weather.

• FY24 total dividends declared at NZD 0.095 per share; solvency ratio at 212% after final dividend.

• Q1 FY25 GWP up 6% to NZD 155 million; BAU claims ratio decreased to 39%; management expense ratio reduced to 30%.

• FY25 guidance: GWP growth of 7%-12%, management expense ratio below 29%, combined ratio 84%-86%, and net profit after tax NZD 60-70 million, assuming full use of the NZD 50 million large events allowance.

Board and executive committee updates

• CEO Blair Turnbull delivered his final address and announced his departure; Paul Johnston to become interim CEO.

• Graham Stewart retired from the board after 12 years of service.

• Marcus Nagel stood for re-election as director, highlighting his experience and ongoing commitment.

• Board authorised to determine auditor remuneration.