New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The insurance rate cycle continues to soften.</li><li>Competitive pressures remain the key short-term issue, with anecdotes of motor pricing down -5% to -20% and dwelling -5% to -10% after incentives.</li><li>Tower (TWR) delivered a strong FY25 trading update, lifting underlying NPAT guidance to NZ$100m–NZ$110m (previously NZ$70m–NZ$80m) on benign weather.</li></ul>

The insurance rate cycle continues to soften.Competitive pressures remain the key short-term issue, with anecdotes of motor pricing down -5% to -20% and dwelling -5% to -10% after incentives.Tower (TWR) delivered a strong FY25 trading update, lifting underlying NPAT guidance to NZ$100m–NZ$110m (previously NZ$70m–NZ$80m) on benign weather.

Forsyth Barr General Insurance Digest Edition 13—Cycling Along

Equity Bottom-Up

<ul><li>Sector performance was mixed over the last three months.</li><li>Tower (TWR) delivered a +4% total return, lagging QBE (+17%), but outperforming both SUN (+1%) and IAG (-3%).</li><li>We lift our TWR target price +2% to NZ$2.40, primarily reflecting a +5% uplift in peer comparable valuations since February, with peers now trading at a median 12-month forward PE of 14.8x.</li></ul>

Sector performance was mixed over the last three months.Tower (TWR) delivered a +4% total return, lagging QBE (+17%), but outperforming both SUN (+1%) and IAG (-3%).We lift our TWR target price +2% to NZ$2.40, primarily reflecting a +5% uplift in peer comparable valuations since February, with peers now trading at a median 12-month forward PE of 14.8x.

Forsyth Barr General Insurance Digest Edition 15—Normal Seasonality Returns

Australia

QBE Insurance Group Limited is an insurance company which underwrites most forms of commercial and industrial insurance policies, as well as individual policies. QBE also manages Lloyds syndicates and provides investment management services. The Company provides its services both domestically and internationally.

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Qbe Insurance (QBE AU)

Forsyth Barr General Insurance Digest Edition 13—Cycling Along

Tower (TWR) delivered a strong FY25 trading update, lifting underlying NPAT guidance to NZ$100m–NZ$110m (previously NZ$70m–NZ$80m) on benign weather.

Forsyth Barr

Forsyth Barr General Insurance Digest Edition 15—Normal Seasonality Returns

Sector performance was mixed over the last three months. Tower (TWR) delivered a +4% total return, lagging QBE (+17%), but outperforming both SUN...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)