TOWER completes sale of life business

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.”