Tower completes sale of Papua New Guinea subsidiary

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31 October 2022

Tower Completes Sale of Papua New Guinea Subsidiary

Tower has completed the sale of its Papua New Guinea subsidiary, Tower Insurance (PNG) Limited, to Papua New
Guinea based insurer, Alpha Insurance Limited.
The sale was completed at a price of PGK 22 million (around NZD 11 million, at current exchange rates), rather
than the AUD 7.9 million originally agreed.
Tower Chief Executive, Blair Turnbull says completing this transaction allows Tower to invest further in a
streamlined Pacific operation in Tonga, Samoa, American Samoa, the Cook Islands, the Solomon Islands, Fiji and
Vanuatu.
“The seven Pacific markets we continue to operate in offer us positive opportunities to progress our digital
strategy in terms of existing technology development, digital payments capabilities, and the balanced mix of
commercial and personal lines customers.

Alpha Insurance already provides personal and business insurance products to Papua New Guineans. Tower
Insurance (PNG) Limited policies remain in place following the sale and customers do not need to do anything. All
Tower Insurance (PNG) Limited employees will be retained on the same or improved terms and conditions.
Mr Turnbull says, “We have enjoyed our connection to Papua New Guinea’s people and culture over many years.
I would like to extend our sincere thanks to our Papua New Guinea staff and customers for their support and
loyalty.
“We are pleased that our customers will now be served by a larger team in Papua New Guinea and will have
access to Alpha Insurance’s extended product range.”
ENDS
This announcement has been authorised by Tower Chief Executive, Blair Turnbull.
For media enquiries, please contact in the first instance:
Emily Davies
Head of Corporate Affairs and Sustainability
Tower Limited
Mobile: +64 021 815 149
Email: emily.davies@tower.co.nz