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- Release Date: 07/05/14 16:10
- Summary: GENERAL: TWR: TOWER continues to provide an independent choice to Kiwis
- Price Sensitive: No
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TWR
07/05/2014 14:10
GENERAL
REL: 1410 HRS Tower Limited
GENERAL: TWR: TOWER continues to provide an independent choice to Kiwis
7 May 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Stock Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
TOWER continues to provide an independent choice to Kiwi consumers
Today's Commerce Commission decision to approve an application by IAG (NZ)
Holdings Limited to purchase Lumley General Insurance (NZ) Limited leaves
TOWER as one of the few independent choices for consumers, TOWER Chief
Executive Officer David Hancock said today.
"Today's decision reinforces our commitment to work even harder to
differentiate our business from the foreign-owned brands that dominate the
New Zealand insurance landscape," Mr Hancock said.
"As the only insurer publicly listed in New Zealand, TOWER has an enviable
position in the market, providing an independent choice to Kiwis looking for
great-value insurance and in-depth local knowledge.
"TOWER has been looking out for Kiwis for more than 140 years and we will
continue to focus on delivering great choice and innovative products and
services, whilst delivering value to our shareholders. We will also continue
to invest heavily in our brand to ensure Kiwis well understand all the
benefits that TOWER has to offer."
Mr Hancock said TOWER would continue to look for opportunities within the
consolidating New Zealand industry that would add value to its institutional
and 50,000 plus Kiwi "mum and dad" investors.
TOWER accepted today's decision by the Commerce Commission, he said.
ENDS
David Hancock
Chief Executive Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, please contact:
Tracey Palmer
Head of Corporate Communications
Mobile: +64 21 837 860
Email: [email protected]
End CA:00250188 For:TWR Type:GENERAL Time:2014-05-07 14:10:33
