Share
- Release Date: 01/08/13 15:51
- Summary: ASSET: TWR: TOWER confirms settlement of life business
- Price Sensitive: No
- Download Document 1.3KB
TWR
01/08/2013 13:51
ASSET
REL: 1351 HRS Tower Limited
ASSET: TWR: TOWER confirms settlement of life business
MEDIA STATEMENT
1 August 2013
For immediate release
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 confirms settlement of life business
TOWER Limited has today confirmed the settlement of the sale of most of its
life insurance business to Fidelity Life Assurance Company Limited.
TOWER Chief Executive Officer David Hancock said TOWER will now concentrate
on its future as a focused general insurer, delivering high quality general
insurance products and services to customers in New Zealand and the Pacific
Islands.
As part of the licensing process under the Insurance (Prudential Supervision)
Act 2010, TOWER remains in continuing discussions with the RBNZ regarding the
proposed imposition of conditions to its insurance licences, including an
increase to minimum solvency margins. TOWER will update on the outcome of
these discussions when concluded.
ENDS
David Hancock
Chief Executive Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
End CA:00239207 For:TWR Type:ASSET Time:2013-08-01 13:51:58
