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Listed Australian health insurer nib says the Tower Health business it boughtlast year added $8 million (A$6.4 million) to the group’s pre-tax net underwriting profitfor the year to June 30.

The New Zealand profit reflected seven months of operation since nib completed the acquisition of TOWER’s health arm in November.

“As forecast, the acquisition was EPS accretive in FY13, with nib New Zealand contributing about 9% of group operating profit,” nib said in an announcement to the Stock Exchange.

“This is a very pleasing result and confirms that New Zealand will become an increasingly important part of nib’s earnings base,” nib New Zealadn chief executive Rob Hennin says.