Tower provides update following strong trading result

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Incorporated in New Zealand
14 February, 2024

Tower provides update following strong trading result

Kiwi insurer, Tower Limited (NZX/ASX: TWR) has today provided an update on its
earnings guidance on underlying net profit after tax (underlying NPAT) for the year
ending 30 September 2024.

Full year underlying NPAT is expected to be at the upper end of or exceed the
previously advised range of between $22m and $27m. This assumes full utilisation of a
large events allowance which has conservatively been set at $45m.

The increased expectation for underlying NPAT guidance follows strong trading results
for the first four months of the financial year, including positive GWP growth and a
better-than-expected claims performance as the frequency of motor claims has begun
to normalise. Accordingly, Tower expects it will be at the top end or exceed its gross
written premium (GWP) and combined operating ratio (COR) guidance ranges over the
FY24 year.

No large events were recorded in the four-month period.

Tower will provide further details on its performance at its annual shareholder meeting
on 21 February.

Financial information provided in this update is based on Tower’s unaudited
management accounts as at 31 January, 2024.

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
021 815 149
emily.davies@tower.co.nz