The insurance company's profit for the six months ended March was $14.9 million compared with $11.9m a year ago, as income rose 11 percent on the back of increased premiums, and the cost of claims stabilised. The result contains three months of business done by Youi, which Tower bought at the end of last year.
However, outgoing chief executive Richard Harding said the company was bracing for reduced investment income and slower growth because of the Covid-19 pandemic, which was prompting the company to cut costs and make greater use of digital platforms for customers.