Tower Limited updated earnings guidance for the year ending 30 September 2024. Full year underlying NPAT guidance is expected to be greater than $40 million, up from greater than $35 million as previously advised. This increase is due to a continuation of positive trading conditions including unseasonably benign weather in the past two months.

While there were two storms in New Zealand in May, both had relatively insignificant claims costs for Tower, and the threshold for large events was not met.