Tower profits take a hit

Tower Insurance posted a drop in full-year profit after it got less than expected from the Earthquake Commission (EQC) in a settlement over Canterbury earthquake claims. The company reported an after-tax profit of $12.3 million in the year ended on September 30, down from $16.8m the previous year. The latest profit included a $9.5m write-down related to the EQC claim. Tower has been focused on reducing costs and staffing levels.