21 Jan 2013

'No comment' from Tower on rumoured life insurance sale

8:35 am on 21 January 2013

The head of insurance firm Tower is refusing to comment on reports that a sale of the company's life insurance business to rival Fidelity is imminent.

Group managing director Rob Flannagan said the company would make an announcement, as required by Stock Exchange rules, when it has an actual announcement to make.

Last year Tower sold its health business for $103 million to Australian private health insurer NIB Holdings and has said it may divest assets or consider alliances as part of a review of its operations.

The listed insurer and fund manager is 34% owned by Guiness Peat Group, which is selling nearly all its assets to concentrate on its threadmaking business Coats.