4 Oct 2011

Profit expectations outlined

9:11 am on 4 October 2011

Tower managing director Rob Flannagan expects the company to make a profit within analysts' expectations for the year to September.

Mr Flannagan says the company is in very good financial condition and would not need to call on its capital despite the earthquakes in Christchurch.

It was still on course to make a profit of between $22 - $28 million.

Mr Flannagan says Tower has been focused on "organic growth" and has its eyes open for any acquisition opportunities that might come its way.

Tower bid unsuccessfully for Fidelity Life Assurance in 2010 and expressing interest in buying AMI this year.

AMI is canvassing options to bolster its financial base, which may include a sale, but Mr Flannagan is tight-lipped on any detail of Tower's intentions.