Tower Australia (TAL)

Shares / Stock Code

TAL

Stock Exchange / Sharemarket

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TOWER Australia Group (TAL) is a specialist life insurance services provider. The principal activities of the Company include catering of life insurance services, management of funds, risk superannuation, provision of financial advice and investment management. TOWER Australia Group listed on the Australian Stock Exchange on 21st November, 2006. There are two main operating divisions of the Company comprising life insurance and funds management, and other financial services. The life insurance and funds management segment is engaged in the provision of all life and disability insurance services as well as wealth management services in Australia. The other financial services segment caters all other financial services, like financial planning. TAL acquired the business operations of PrefSure in March 2006. In November 2008, the Company announced the acquisition of InsuranceLine Holdings Pty Ltd. The Company is well placed in the life insurance market, capturing around 12% of market share, with 17.2% share of in-force premiums. TAL also enjoys a strong presence in the retail life insurance market. TAL provides services to both personal and corporate customers, with $3.6B in funds under management (FUM). The Company serves its clients through a network of independent consultants.

Tower Australia Group History

TOWER's history can be traced back to 1869 when the Government Life Insurance Office (Government Life) was established in New Zealand with New Zealand government providing the initial capital for the Company. Government Life changed its name to TOWER in 1990. TOWER started its operations in Australia through the acquisition of its first Life business in 1990. In 1999, TOWER went through the process of demutualisation after having the approval of its policyholders and the High Court. This resulted in TOWER’s legal status to be changed to as a shareholder owned company. Following demutualisation, TOWER Limited made its debut on the Australian and New Zealand stock exchanges in September 1999. TOWER Australia Group divested from TOWER Limited, the New Zealand businesses of the Group on the 20th of November 2006. On 21 November 2006, TOWER Australia Group (TAL) listed on the Australian Stock Exchange, with TOWER Limited remains listed on the New Zealand and Australian Stock Exchanges.