Tower (TWR)

Shares / Stock Code

TWR

Stock Exchange / Sharemarket

ax

TOWER (TWR) is an independent financial services provider. TOWER began its business operations in New Zealand in 1869 as a government department focused on the provision of life insurance policies and pensions. At present, the main focus of the Company is on selected niches in the risk insurance and wealth management sectors. The Company’s portfolio of services is comprised of life, health and general insurance; individual and group superannuation; retail managed funds; and wholesale asset management. The Company is dual listed on Australian and New Zealand Stock Exchange. TWR listed on the Australian Stock Exchange on 28th September, 1999. Tower focuses its development activities through four divisions: TOWER Australia Risk and Investment, TOWER NZ Health and Life, TOWER NZ Investments and TOWER General Insurance. TOWER Australia Risk and Investment segment is engaged in the provision of life and disability insurance and wealth management services in Australia. TOWER NZ Health and Life division provides all health, life and disability insurance services in New Zealand. TOWER NZ Investments division caters all wealth management services in New Zealand. TOWER General Insurance division provides all general insurance services in New Zealand and Pacific Islands. On March 31, 2006, the Tower completed the acquisition of a specialist life insurance business, the PrefSure Holdings Limited.

Tower History

The company has its roots in the Government Life Insurance Office (Government Life), formed in 1869 in New Zealand. In 1987, the Company changed its name to TOWER Corporation. It listed on both Australian and New Zealand stock exchanges in September 1999. In November 2006, the Company separated its New Zealand and Australian business operations after gaining the approval of its shareholders and the High Court. Its New Zealand business, the TOWER Limited is listed on both the New Zealand and Australian stock exchanges with TOWER Australia Group Limited listed on the Australian stock exchange.

In 1989, TWR acquired the business of National Insurance and Trustees Executors in New Zealand. It acquired Adriatic Insurance (Australia) in 1990 and Friends Provident (Australia) in 1993. It completed the acquisition of Austrust, Australia in 1996 and FAI Life in 1, Australia in 1999. During 2000, it acquired the business operations of Acquired Bridges Financial Services Group (Australia) and AXA Health New Zealand. It completed the sale of Trustees Executors in 2003. Australian Wealth Management (Bridges & TOWER Trust Aust.) was spinned-off in 2005. In 2006, TWR completed the acquisition of PrefSure in Australia. TOWER's New Zealand and Australian businesses were also separated during 2006.