Tower (TWR) AGM 2025 summary

Opening remarks and agenda

• Meeting opened at Eden Park with directors, CEO, acting CEO, interim CFO, and auditors present.

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

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

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

• CEO Blair Turnbull highlighted strong Q1 performance and reaffirmed the company's strategic direction.

Financial performance review

• FY24 gross written premium rose 15% to NZD 595 million, with underlying profit after tax at NZD 83.5 million and reported profit at NZD 74.3 million.

• Management expense ratio improved to 31.4%, and BAU claims ratio dropped to 48% due to operational efficiencies and calm weather.

• Q1 FY25 saw GWP up 6% to NZD 155 million, customer numbers up by 5,000, and claims ratio down to 39%.

• FY25 full year underlying NPAT guidance set at NZD 60–70 million, with a combined operating ratio expected between 84% and 86%.

• No large events in FY24, with large event costs at NZD -2.3 million, and only one large event (Dunedin flooding) in FY25 so far, costing NZD 3 million against a NZD 50 million 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 governance protocols.

• Board authorised to determine auditor remuneration.