AM Best affirms Tower Limited’s A- (Excellent) FSR

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Classification: Highly Sensitive


24 April, 2023

AM Best affirms Tower Limited’s A- (Excellent) Financial Strength Rating

Global credit rating agency AM Best has reaffirmed Tower Limited’s Financial Strength Rating as A- (Excellent),
with a stable outlook, after completing its annual review. Tower’s Long-Term Issuer Credit Rating was also
affirmed as a- (Excellent), with a stable outlook.

The ratings reflect Tower’s balance sheet strength, which AM Best assesses as very strong, as well as its operating
performance, business profile and enterprise risk management. AM Best also noted Tower’s prudent capital
management and that AM Best expects Tower’s risk-adjusted capitalisation to remain at least at the very strong
level over the medium term.

Tower Chair, Michael Stiassny said this confirmation recognises Tower’s strong performance as it remains
resilient following recent large events while continuing to support customers and communities.

ENDS

This announcement has been authorised by Blair Turnbull, Chief Executive Officer, Tower Limited.

For media enquiries, please contact in the first instance:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
emily.davies@tower.co.nz