TWR
29/08/2014 14:54
ASSET
REL: 1454 HRS Tower Limited
ASSET: TWR: TOWER confirms completion of sale of residual life business
29 August 2014
Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office
Australian Securities Exchange Limited
Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia
TOWER confirms completion of sale of residual life business to Foundation
Life (NZ) Holdings Limited
TOWER Limited (NZE/ASX: TWR) is pleased to confirm that settlement of the
sale of its residual life business, announced on 1 July 2014, was completed
today.
Commenting on the transaction, TOWER's Chief Executive Officer, Mr David
Hancock said, "The completion of the TOWER Life sale is an important
milestone in our commitment to delivering attractive shareholder returns by
focusing our resources on growing a general insurance business that is a
leading light in New Zealand and the Pacific. We see opportunities for growth
and are very focused on increasing our market share in general insurance,
particularly in key personal lines.
"TOWER Life (N.Z.) Limited has performed well and delivered solid results,
and we expect the business to continue to flourish under new ownership."
TOWER will provide a capital update to the market when it releases its full
year results in November 2014.
ENDS
Michael Boggs
Chief Financial 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:00254610 For:TWR Type:ASSET Time:2014-08-29 14:54:55
