The new-look Tower aims to grow its motor insurance business and get a greater footholding in the Pacific.
The company reported a 38% fall in net profit of $34.2 million for the 12 months to September, compared with nearly $56 million last year, due in part to the divestment of large parts of its businesses.
The company has sold its funds management, health and life insurance businesses.
Excluding, one-off items the company's underlying net profit was $34.4 million. One-off items include a $32 million IT systems write down, and a $15 million hit from the Canterbury earthquake.
The general insurance business competes in the personal lines and has about 10.5% market share in house, 10% share in content and 6% market share in motor business.
Chief executive David Hancock said the company had gone through a significant transition but believed there were growth opportunities in the Pacific, particularly around motor insurance.
"So we see growth opportunities about doing things differently, and we also see some opportunities in our unique position in the Pacific," he said.
The company had a strong market share throughout the Pacific, from the Cook Island to Papua New Guinea.
It was also the best capitalised it had been, having sold about $370 million worth of businesses, Mr Hancock said.
"(We're) obviously committed to giving capital returns, so we returned money last year and we've just announced a buyback of $70 million," he said.
"So where we think there is growth opportunities, obviously in some of those market shares that we're underweight in the market, but we do think it's about bringing life to the brand.
"That's around really delivering products to services, to clients, better than other people can do."
The company is offering $1.81 for every share, which it said was the volume weighted average price of its stock for the five days before it announced it would return the capital in September.
