Tower to discontinue multi-policy discounts

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Incorporated in New Zealand
23 July 2025
Tower to discontinue multi-policy discounts
Tower Limited (NZX/ASX:TWR) today announced it will remove the multi-policy discount
from its insurance offerings.
Tower Chief Executive Paul Johnston said Tower remains committed to providing fair,
transparent, and competitive pricing and will continue to review its pricing to deliver value to
customers. Tower has made significant investments to upgrade its systems and processes,
with the aim of ensuring all eligible customers receive their appropriate multi-policy
discount.
Despite these efforts and the substantial improvements made, the complexity of factors
involved in accurately assessing the multi-policy discount means there is still a risk of error.
This level of risk falls short of the high standards Tower has set for delivering excellent
customer experiences, and is unacceptable for meeting regulatory requirements.
Therefore, Tower has decided to discontinue the discount.
Ends
This announcement has been authorised by Tower Chief Executive, Paul Johnston.

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
+64 22 395 9327
James.silcock@tower.co.nz