TWR
25/08/2014 08:30
ASSET
REL: 0830 HRS Tower Limited
ASSET: TWR: TOWER confirms unconditional sale of residual life business
25 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 unconditional sale of residual life business
TOWER Limited (NZE/ASX: TWR) is pleased to confirm that all conditions for
the sale of its residual life insurance business to Foundation Life (NZ)
Holdings Limited (Foundation Life) for $36 million have been satisfied. The
sale was announced on 1 July 2014.
TOWER Chief Executive Officer David Hancock today confirmed that arrangements
are underway for completing the transaction. Settlement is expected to take
place on 29 August 2014.
"TOWER is committed to delivering attractive shareholder returns by 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", said
Mr Hancock.
Mr Hancock added that the management of risk and capital remains a key
element of TOWER's strategy to grow shareholder returns. 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
TOWER Limited
Mobile: +64 21 837 860
Email: [email protected]
End CA:00254283 For:TWR Type:ASSET Time:2014-08-25 08:30:06
