Tower updates FY24 Guidance

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Incorporated in New Zealand




11 October 2024

Tower updates FY24 guidance

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

Based on preliminary and unaudited results, Tower anticipates FY24 full year underlying NPAT to
be around $83m, up from greater than $45m as previously advised, due to no large events being
recorded in the financial year and stronger-than-expected business performance, particularly in
claims.

Tower’s previous market guidance assumed full utilisation of the FY24 large events allowance
which was conservatively set at $45m. As no large events were recorded in the financial year, the
unused allowance has increased expected underlying NPAT by $32m ($45m less tax).

Reported profit is expected to be around $74m after allowing for an increase in payments related to
customer remediations and associated costs, including those related to regulatory action.

Tower will provide full details of its FY24 performance in its financial results announcement on 28
November.

ENDS

This announcement has been authorised by:

Blair Turnbull
Chief Executive Officer
Tower Limited

For media enquiries, please contact:
Kayla Dalrymple
External Communications Manager
+64 27 951 3710
kayla.dalrymple@tower.co.nz

For investor enquiries, please contact:
James Silcock
Head of Strategy, Planning and Investor Relations
+64 22 395 9327
james.silcock@tower.co.nz