Tower Updates Guidance

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

8 August 2024

Tower updates guidance

Kiwi insurer, Tower Limited (NZX/ASX: TWR) now expects underlying net profit after tax (NPAT) for
the financial year ending 30 September 2024 to be greater than $45m, an increase on previous
guidance which was for NPAT of more than $40m.

Tower’s business-as-usual (BAU) claims performance has been stronger than expected since its
guidance update on 11 June 2024. This is due to both the continuation of Tower’s targeted
underwriting actions to tackle the impacts of vehicle thefts and unseasonably benign weather in
New Zealand.

Gross written premium (GWP) growth is expected to be at the top end of, or exceed, current GWP
guidance of 10% to 15%.

This updated guidance assumes full utilisation of the FY24 large events allowance which is
conservatively set at $45m. In a departure from recent norms, no large events have been recorded
in the financial year to date. Any unused portion of the large events allowance at year end will
increase underlying NPAT to improve the full year result. For example, if no large events were to
occur in FY24, underlying NPAT would be increased by an additional $32m ($45m less tax).

ENDS

This announcement has been authorised by Blair Turnbull, CEO, 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