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
26 April, 2024

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

Global credit rating agency AM Best has affirmed 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. AM Best expects
Tower’s risk-adjusted capitalisation to remain at least at the very strong level over the medium term.

AM Best also noted Tower’s adequate operating performance, neutral business profile and appropriate
enterprise risk management, in addition to the company’s strong financial flexibility, prudent reinsurance
programme and conservative investment strategy.

Tower Chair, Michael Stiassny welcomed the AM Best rating affirmation, noting that it supports the confidence
investors and customers have in Tower’s financial stability and performance.

Further details of Tower’s AM Best rating can be found in the following link:
https://news.ambest.com/PR/PressContent.aspx?altsrc=2&refnum=34630

ENDS

This announcement has been authorised by Michael Stiassny, Chair, Tower Limited.

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

For investor enquiries, please contact:
James Silcock
Head of Strategy, Planning and Investor Relations
+61 22 395 9327
James.silcock@tower.co.nz