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.

Equity Bottom-Up

<ul><li>Tower (TWR) has renewed its reinsurance programme for FY27 on improved terms, with both a stronger-than-expected cost outcome and higher coverage.</li><li>Management expects its reinsurance expense ratio to fall c.-110bp from FY26 to 9.5%, reflecting both favourable global reinsurance pricing conditions and further recognition of TWR’s expanded risk-based pricing and lower-risk targeting.</li><li>Alongside improved costs, TWR lifted its catastrophe protection while event excesses remained unchanged—the first time in five years the company has not seen an excess uplift.</li></ul>

Tower (TWR) has renewed its reinsurance programme for FY27 on improved terms, with both a stronger-than-expected cost outcome and higher coverage.Management expects its reinsurance expense ratio to fall c.-110bp from FY26 to 9.5%, reflecting both favourable global reinsurance pricing conditions and further recognition of TWR’s expanded risk-based pricing and lower-risk targeting.Alongside improved costs, TWR lifted its catastrophe protection while event excesses remained unchanged—the first time in five years the company has not seen an excess uplift.

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Research Reinvented

<ul>
  <li>Tower is undergoing a significant operational turnaround, marked by a dramatic shift from a net loss in FY23 to strong profitability in FY24 and FY25, driven by disciplined underwriting, premium growth, and operational efficiencies from its digital transformation.</li>
  <li>The company presents a compelling dividend story, with a high current yield and substantial recent growth in shareholder payouts, supported by improving earnings and a strong capital position.</li>
  <li>Future growth is underpinned by a digital-first, direct-to-consumer model and strategic partnerships, notably with Westpac and Kiwibank, which are expected to expand its customer base and drive policy growth in its core New Zealand market.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Tower is undergoing a significant operational turnaround, marked by a dramatic shift from a net loss in FY23 to strong profitability in FY24 and FY25, driven by disciplined underwriting, premium growth, and operational efficiencies from its digital transformation.
  The company presents a compelling dividend story, with a high current yield and substantial recent growth in shareholder payouts, supported by improving earnings and a strong capital position.
  Future growth is underpinned by a digital-first, direct-to-consumer model and strategic partnerships, notably with Westpac and Kiwibank, which are expected to expand its customer base and drive policy growth in its core New Zealand market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<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

<ul><li>Tower (TWR) will report a strong, largely pre-released FY25 result on 27 November 2025, following updated guidance on 12 September 2025.</li><li>TWR expects underlying NPAT of NZ$100m–NZ$110m, supported by benign weather and large-event costs of only NZ$7m (well below the original NZ$50m allowance).</li><li>Management remains confident in +10% to +15% medium-term GWP growth, underpinned by Westpac.</li></ul>

Tower (TWR) will report a strong, largely pre-released FY25 result on 27 November 2025, following updated guidance on 12 September 2025.TWR expects underlying NPAT of NZ$100m–NZ$110m, supported by benign weather and large-event costs of only NZ$7m (well below the original NZ$50m allowance).Management remains confident in +10% to +15% medium-term GWP growth, underpinned by Westpac.

Tower Limited - FY25 Preview—Good Weather, Better Result

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

New Zealand

TOWER Limited provides risk insurance and wealth management products and services. The Company operates in general insurance, health & life insurance, and investments and funds management.

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