History

How we started

TOWER Insurance origins go back to 1869 when the Government Life Insurance Office (Government Life) was created in New Zealand, with its initial capital provided by the New Zealand government. Government Life became a separate statutory body with the passing of the Government Life Insurance Act in 1953. It was renamed TOWER Corporation in 1987 and in 1990 ownership was conferred to its policyholders with the passing of the TOWER Corporation Act, allowing TOWER to be owned as a mutual association.

To remove growth constraints resulting from difficulties in accessing new capital under the mutual association structure, TOWER undertook a demutualisation process in 1999 with the approval of its policyholders and the High Court. The effect of this was to convert TOWER’s legal status to a shareholder owned company. Subsequent to the demutualisation, TOWER Limited undertook a listing on the Australian and New Zealand stock exchanges in September 1999. In November 2006 TOWER's New Zealand and Australian businesses were separated with the approval of its shareholders and the High Court.

Corporate actions

«Swipe»
1989 Acquired National Insurance and Trustees Executors in New Zealand 
1990 Acquired Adriatic Insurance in Australia
1993 Acquired Friends Provident (Australia) 
1996 Acquired Austrust in Australia
1999 Acquired FAI Life in Australia 
2000 Acquired Bridges Financial Services Group in Australia
  Acquired AXA Health New Zealand
2003 Sold Trustees Executors 
2005 Spin-off of Australian Wealth Management (Bridges & TOWER Trust Aust.)
2006 Acquired PreSure in Australia
  Separation of TOWER's New Zealand and Australian businesses
2009 TOWER opens Dunedin branch 
2010 TOWER opens Christchurch branch 
2011 TOWER opens Rotorua branch 
2012 TOWER sold TOWER Medical Insurance Limited 
  TOWER sold TOWER Managed Funds Limited
2013 TOWER sold TOWER Health & Life Limited
2014 TOWER sold TOWER Life Limited (New Zealand)