Tower reported an underlying net profit after tax of NZ$36.6 million ($33.8 million) and a reported profit of $36 million ($33.3 million) for the first half of FY24.

The results contrast the $5.1 million loss reported during the same period last year.

The New Zealand insurer attributed the rebound to improved business-as-usual claims performance, premium growth, and operational and digital efficiencies, reversing the previous period's loss, which had been impacted by catastrophe events.

"Tower has delivered a strong result this half, driven by improved claims, digitisation and operational performance, and positive customer experiences," said CEO Blair Turnbull.

For FY24, Tower expects its underlying net profit after tax to exceed NZ$35 million ($32.3 million), assuming full utilisation of the large events allowance.

The company declared a dividend of 3 New Zealand (2.8 Australian cents) per share, payable on June 27 to shareholders of record as of June 13.