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TOWER completes sale of life business

Friday, September 5th 2014, 12:05PM 2 Comments

TOWER has completion the sale of its residual life business to Foundation Life.

“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," CEO David Hancock said. "We see opportunities for growth and are very focused on increasing our market share in general insurance, particularly in key personal lines."

He says the life business has "performed well and delivered solid results, and we expect the business to continue to flourish under new ownership.”

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Comments from our readers

On 8 September 2014 at 1:54 pm RAW DEAL said:
Great to see that Rob Flannagan & GPG have finally finished the demolition job on a once iconic NZ insurer!

I wonder if other TOWER policyholders like myself feel a bit miffed that Fidelity Life has bought our business and then, less than 12 months after taking over what was described as a 'highly profitable book' increased our premiums by 3%!

On the other hand we may have gotten off light considering Fidelity put it's own policyholders premiums up by 7% at the same time.

If I wasn't due to have a heart attack in the near future I would definitely churn myself to another provider!
On 10 September 2014 at 11:52 am Cathy said:
RAW DEAL lets be quite clear on this, Rob Flannagan did not want to see TOWER sold. He had a clear vision for the company that it continue in 'growth' mode but GPG aka shareholders over-ruled. It was a sad situation to see an iconic company go like that.

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