Half year profit for Tower has fallen by more than half, largely due to the costs of the Christchurch earthquakes.
The financial services group made $12.8 million in the six months to the end of March, 54% less than in the same period a year earlier.
The Christchurch earthquake cost it $7.5 million during the period. Cchanges in the global investment market also affected the discount rate, which also affected profit.
If those effects are stripped out, Tower made $26.2 million, down $1.5 million on a year earlier. Revenue fell 10% to $259 million.
Managing director Rob Flannagan says it's been a momentous period for the insurance sector.
However, he says Tower is still in a strong financial position after providing for quake-related claims worth $350 million.
Mr Flannagan says the company is still interested in purchasing AMI and work is progressing.
The Government has agreed to a $500 million backstop package for AMI, after the Christchurch-based insurer admitted it might not have enough in reserves to pay claims from February's quake.
Tower will pay an unchanged interim dividend of 4 cents per share.
