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Life insurer Tower Australia says it is well positioned for growth after posting a 29 per cent increase in annual net profit.
Tower yesterday posted an annual net profit of A$40.7 million ($47.1 million) for the 12 months ending September 30, 2007.
"Looking ahead, we see the life market continuing to grow at more then 10 per cent per annum and Tower is well placed to compete across a number of channels," the company said.
The company demerged from transtasman Tower Ltd in November last year, creating Tower New Zealand and Tower Australia.
Tower Australia chairman Rob Thomas said the company had achieved a strong lift in its underlying profit in its first year as a listed company.
He said the performance reflected continuing improvement in Tower's competitive position in the insurance market.
The company's underlying profit rose 29 per cent to A$54 million.
Managing director Jim Minto said Tower was well placed competitively for the future.
He said the company would continue to push for more changes to the present FCR regulations to give Australians more access to financial advice to obtain adequate life insurance.
Tower Australia declared a maiden dividend of 4c a share.
- AAP
