TOWER LIMITED — Interim / Quarterly Report 2013

May 27, 2013

A focused General Insurer

Half year results to 31 March 2013 and future strategic direction

28 May 2013

A focused General Insurer

This Presentation has been prepared by TOWER Limited to provide shareholders with information and a preliminary understanding of TOWER’s business following completion of the sale transactions arising out of the strategic review. This document is part of, and should be read in conjunction with an oral briefing to be given by TOWER.

It contains summary information about TOWER as at 28 May 2013, which is general in nature, and does not purport to contain all information a prospective investor should consider when evaluating an investment. It is not an offer or invitation to buy TOWER Shares.

Investors must rely on their own enquiries and seek appropriate professional advice in relation to the information and statements in relation to the proposed prospects, business and operations of TOWER. The data contained in this document is for illustrative purposes only. Past performance is not a guarantee of future performance and must not be relied on as such.

Forward-looking statements

This document contains certain forward-looking statements. Such statements relate to events and depend on circumstances that will occur in the future and are subject to risks, uncertainties and assumptions. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements, including, among others the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts; fluctuations in demand and pricing in the industry; fluctuations in exchange controls; changes in government policy and taxation; industrial disputes; and war and terrorism. These forward-looking statements speak only as at the date of this document. Solvency estimates contained herein are unaudited and yet to be reviewed by the Reserve Bank of New Zealand.

Disclaimer:

Neither TOWER nor any of its advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents (Other Persons) makes any representation or warranty as to the currency, accuracy, reliability or completeness of information in this Presentation.

To the maximum extent permitted by law, TOWER and the Other Persons expressly disclaim any liability incurred as a result of the information in this Presentation being inaccurate or incomplete in any way.

The statements made in this Presentation are made only as at the date of this Presentation. The accuracy of the information in this Presentation remains subject to change without notice.

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Significant cash returns to shareholders

TOWER Group presentation highlights

Key achievements

Today's announcements

Half year reported profit of $44.2 million after increased provision for Christchurch liabilities

Repositioned TOWER as a focused General Insurer

Releases $370 million through three business sales[1]

Interim dividend of 5 cents per share (unimputed) declared for six months to 31 March 2013, payable on 1 July 2013

Intend to return a further $114.5 million to shareholders post settlement of Life sale

Solid operational result from General Insurance while undertaking strategic review

Intend to repay bonds of $81.8 million post settlement of Life sale

Costs and other one off items to right size the business provisioned

Return of $120 million to shareholders completed

Residual business expected to benefit from over $127 million capital above minimum solvency requirements (post capital returns)

Dividend payout ratio of 90-100% of NPAT adopted

[1] Life sale is expected to settle in July 2013, subject to satisfaction of the settlement conditions, including regulatory approval

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What we are covering today

• Half-year financials to 31 March 2013

• Changes to the business and who we are today

• Focused on General Insurance

• The way forward

• What this means for investors

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What does it
Financials TOWER
mean
today & tomorrow today & tomorrow
for investors?
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Half year results to 31 March 2013

TOWER Group Profit summary

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Half Year Ended
Mar-13 Mar-12 Sep-12
General Insurance 5.9 5.4 7.8
Life 9.0 12.4 11.3
Health 0.9 6.8 6.5
Investments 4.0 3.6 3.4
Business unit net profit after tax 19.8 28.2 29.0
Finance and corporate expenses (3.4) (5.3) (5.1)
Profit excluding the impact of discount rate & abnormal items 16.4 22.9 23.9
Discount rate effect (2.9) 0.7 8.3
Net impact of abnormal items [1] 30.7
Reported net profit after tax [2] 44.2 23.6 32.2
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$ millions

• 1 Refer page 8 for overview

• 2 A number of items are classified as discontinued operations in the Group financial statements

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NPAT
$44.2m
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• Half year result to March 2013 includes:

• Two months contribution from Health

• Six months contribution from Investments (sale settled 2 April 2013)

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Analysis of profit – General Insurance

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Half Year Ended
Mar-13 Mar-12 Sep-12
Gross earned premiums 130.8 113.9 125.0
Reinsurance (23.5) (20.0) (21.2)
Net premiums 107.3 93.9 103.8
Net incurred claims (52.6) (44.9) (46.4)
Claims catastrophe [1] (3.3) (1.1) (0.2)
Management and sales expenses (41.7) (38.8) (40.0)
Underwriting profit 9.7 9.1 17.2
Investment income 4.2 4.5 7.9
Profit before tax – normal trading 13.9 13.6 25.1
Income tax expense (8.0) (5.0) (6.9)
Profit (loss) after tax before impact of Christchurch 5.9 8.6 18.2
earthquakes and revaluation of Australian liabilities
Impact of Christchurch earthquakes [2] (14.7) (3.2) (10.4)
Revaluation of Australian liabilities (6.0)
Profit (loss) after tax [3] (14.8) 5.4 7.8
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Strong
premium
growth
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• Premium growth reflects strength of underlying business

• Claims catastrophe reflects impact of Cyclone Evan in the Pacific

• A group wide review of cost allocation resulted in higher costs for General Insurance

• Repatriation of capital from Pacific increased tax expense by $2.4 million

$ millions

• 1 Claim events >$1m. FY13 represents Cyclone Evan. FY12 represents NZ weather bomb

• 2 Includes $14.2m of increase in provision and $0.5m of FY13 claims expense

• 3 The impacts of the Christchurch earthquakes and the discontinuation of the Australian business are classified differently in the Group financial statements

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Overview of abnormal items

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Right sized
business
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Investments sale	79.0
Gain on sale	72.4
Sale related costs	(5.6)
Net gain on sale	66.81
Health sale	102.0
Gain on sale	24.5
Sale related costs	(5.6)
Net gain on sale	18.81
Life sale related costs	(9.4)1
Revaluation of Australian liabilities	(6.0)
Impact of Christchurch earthquakes	(14.7)
IT systems write down	(24.8)1
Net impact of one off items	30.7

Life sale related costs

• Sale related costs, to date of settlement, have been included

Sale of Australian run-off book

• TOWER has agreed to sell its historical Australian workers compensation liabilities (subject to regulatory and court approval) and incurred a $6 million loss relative to its previous holding value

Christchurch provisions

• Refer page 9

IT system writedown

• As a consequence of reduced group size, TOWER has written down the value of its group wide IT systems by $34.5 million ($24.8 million net of tax)

$ millions (net of tax)

1 Classified as profit from disposal of subsidiaries in the Group financial statements

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Christchurch update

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Good
progress in
settling
claims
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TOWER is making excellent progress in settling claims relating to the Christchurch earthquake events.

Key statistics

However, there are three significant issues which have caused TOWER to revise its liabilities provision:

• 1 Inflation in Christchurch is running at higher levels than originally provisioned

• 2 The pace of claims settlement has slowed due to the difficulty and delays in obtaining EQC data and continued apportionment and land issues

• 3 TOWER continues to receive new claim lodgements, which relate to previously under-cap claims going over-cap and temporary accommodation claims as repairs and rebuilds are undertaken

As a result, TOWER has determined to increase claims provisions by $19.7 million ($14.2 million after tax). In aggregate, TOWER has now provided for total liabilities of $32.7 million relating to the February 2011 Christchurch earthquake over and above the $325 million reinsurance facility

• 18,800 claims have been lodged of which 64% (by number) have been settled and closed

• This represents 46% (by value) of total provisions (compared with the industry average of 35% on domestic policies)

TOWER is taking a prudent approach to provisioning and will undertake an actuarial review on a quarterly basis, updating the market on any material increase or decrease required to provisioning

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Analysis of HY13 profit – Non core divisions

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Life [1] Health [1] Investments [1]
Mar-13 Mar-13 Mar-13
Net premium/income 37.2 24.8 18.1
Policyholder maturities (16.9)
Total incurred claims (15.2) (16.4)
Premium payback payments (2.3)
Management and sales expenses (20.6) (6.5) (12.5)
Movement in policy liabilities 5.1 0.7
Investment income on assets backing policy liabilities 13.3 0.4
Insurance profit 2.9 0.7 5.6
Investment income on shareholders' funds 5.8 0.6
Profit before tax excluding the impact of discount rate 8.7 1.3
Income tax expense 0.3 (0.4) (1.6)
Profit after tax excluding the impact of discount rate 9.0 0.9 4.0
Discount rate effect (2.9)
Profit after tax [1] 6.1 0.9 4.0
$ millions
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Non core
results
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• Half year result to March 2013 includes:

• Two months contribution from Health

• Six months contribution from Investments (sale settled 2 April 2013)

1 A number of items are classified as discontinued operations in the Group financial statements

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Balance sheet summary

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Half Year Ended
Mar-13 Mar-12 Sep-12
Cash & call deposits 255.2 192.1 199.7
Total investment assets 936.4 1,003.7 1,036.7
Deferred acquisition costs 17.6 43.6 45.8
Intangible assets 36.9 78.8 81.9
Other operational assets/(liabilities) [1] 656.8 625.6 601.3
Total assets 1,902.9 1,943.8 1,965.4
Policy liabilities & insurance provisions (1,181.7) (1,269.7) (1,262.3)
External debt (82.4) (81.6) (82.0)
Other operational (liabilities)/assets [1] (114.6) (115.9) (122.3)
Total liabilities (1,378.7) (1,467.2) (1,466.6)
Total equity 524.3 476.6 498.8
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Strong
balance
sheet
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• This balance sheet is prior to the settlement of the Investment business sale and the sale of the Life business

• Excludes the impact of the April capital return of $120 million

$ millions

1 A number of items are assets or liabilities of disposal groups classified as held for sale in the Group financial statements

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Proforma financials

Historical proforma financials Continuing operations

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Continuing Operations
FY12 FY11 FY10
Historical Proforma Historical Proforma Historical Proforma
General Insurance Reported profit 13.2 2.5 21.9
Remove impact of Australian branch (0.7) (2.4) (3.5)
Adjustment for Christchurch earthquakes 13.6 22.2 4.5
$41m additional capital @3% (net) 0.9 0.9 0.9
Proforma NPAT – normal trading 27.0 23.2 23.8
Retained Life Reported profit [1] 2.3 3.4 4.0
Proforma NPAT – normal trading 2.3 3.4 4.0
Corporate Reported management expenses (7.1) (5.1) (3.6)
Reported financing costs (5.8) (5.4) (4.7)
Reported investment returns 2.5 3.7 2.5
Total reported (loss) (10.4) (6.8) (5.8)
Adjustment for Christchurch earthquakes 0.3
Reduction in management expenses 4.9 2.6 1.4
Removal of financing costs 5.8 5.4 4.7
Change in investment returns (0.9) (2.1) (0.9)
Proforma NPAT – normal trading (0.6) (0.6) (0.6)
TOTAL proforma NPAT – normal trading 28.7 26.0 27.2
$ millions
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1 FY10 reflects allocation of Group tax adjustment

General Insurance proforma NPAT average $24.7m

• Historical numbers have been normalised to remove Christchurch expenses and adjusted for planned levels of solvency capital injection in General Insurance business, cash held at corporate and reduced corporate management expenses

• FY13 is expected to be a transition year which will be impacted by one offs and the cost to right size the business

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Application of capital and solvency requirements

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2.8x
MSC 2,3
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• TOWER has a long term policy of retaining within its licensed General Insurance entity 175% of the minimum solvency capital (MSC) required under the Insurance Prudential Supervision Act

• TOWER will also retain additional capital within the group to back the retained Life insurance assets and to provide funding for targeted growth

• Capital management will be an ongoing focus

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Proforma solvency capital overview [1]
General Insurance New Zealand MSC [2] $53.3
General Insurance Pacific MSC $11.9
Proforma residual Life MSC $6.7
Proforma total MSC [2] $71.9
Target solvency capital $132.2
Proforma total group actual solvency capital (“ASC”) [2,3] $199.6
Proforma aggregate ASC/MSC ratio 2.8x
Proforma aggregate capital above target $67.4
Proforma aggregate capital above MSC $127.7
$ millions
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• 1 Solvency estimates are unaudited and have not been reviewed by the Reserve Bank of New Zealand

• 2 Proforma post settlement of sale of Life and release of $21m of capital from Australia and including cash held at corporate level

• 3 After return of $119.2m made on 12 April 2013, the payment of the interim dividend of 5 cps and the proposed $114.5m capital return

• 4 Includes return of $119.2m made on 12 April 2013 plus the proposed $114.5m capital return

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Application of proceeds
Total capital from business sales:
Health $102.0
Investments $79.0
Life $189.0
Total proceeds available $370.0
Application of proceeds:
Sale costs and provision for separation expenses $20.6
Repayment of bonds $81.8
Capitalisation of General Insurance $20.0
Capitalisation of corporate $13.9
Total returned to shareholders $233.7 [4]
Total proceeds applied $370.0
$ millions
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TOWER for today

Market overview

New Zealand

TOWER market share

––– –––

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8.2%
4.6%
Total market Personal lines market
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Total GWP market share

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Total GWP projected growth

$5.6bn[2]

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$4.4bn [1]
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IAG/AMI 42% Chartis 3.6% Vero 24.5% Allianz 3.4% Lumley 9.6% ACE 3.0% TOWER 4.6% Zurich 1.7% Farmers 3.6% Other 4.0%

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2012 2017
Current GWP Forecast GWP
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Growth
opportunities
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Macro view

TOWER perspective

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New Zealand

New Zealand

• Forecast market growth of 5% per annum[2]

• 3rd largest personal lines insurer

• Short tail business less capital intensive

• Increased penetration

• Controlled distribution channel

• Rates hardening

• Increased market awareness

Pacific Islands

Pacific Islands

Year on year growth forecast in key regions:

• Leading insurer

• High margins

• PNG 10%

• Provides important cashflow

• Solomons 15%

• Fiji 4%

• 1 Source: ICNZ September 12 market Share Report. 2 Source: Business Monitor International NZ Insurance Report Q1 2013

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General Insurance snapshot

As at 30 September 2012:

As at 31 March 2013:

$269.0m Inforce GWP

26.1 $ m

NORMALISED NPAT

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New Zealand $14.3m Pacific Islands $11.8m

New Zealand 79.5% Pacific Islands 20.5%

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Strong
[base]
for growth
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As at 31 March 2013: As at 31 March 2013: 2 2 6 497,006 4 ,5 9 Inforce policies Customers

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New Zealand 88.1% Pacific Islands 11.9%

New Zealand 86.0% Pacific Islands 14.0%

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General Insurance New Zealand overview

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HY13 GWP BREAKDOWN
BY PRODuCT
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HY13 GWP BREAKDOWN
BY DISTRIBuTION CHANNEL
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Home 35%
Motor 30%
Contents 27%
Other 8%
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Direct 53%
Fintel 5%
Alliances 42%
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• 92% of the book relates to home, contents and motor policies

• Historic distribution dominated by alliances

• Short-tail exposure

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Highly
attractive
product &
distribution
mix
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HY13 NEW BuSINESS GWP BY DISTRIBuTION CHANNEL

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TOWER & Fintel phone sales 70% Alliances 18% Small and medium enterprises 6% Online 2% Rural 4%

• Current business predominantly generated by direct sales

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General Insurance overview Pacific Islands

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HY13 GWP BREAKDOWN
BY PRODuCT
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HY13 GWP BREAKDOWN
BY DISTRIBuTION
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Motor 36%
Commercial 29%
Home & contents 20%
Workers comp 7%
Accident 7%
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PNG 44%
Fiji 25%
Samoa (including American) 16%
Solomon Islands 8%
Cook Islands 7%
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[Leading]
market
position
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HY13 GWP BREAKDOWN
BY CHANNEL
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Direct 43%
Broker 34%
Alliances 23%
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Other 1%

• Commercial focus on small and medium enterprise

• Geographically diverse

• Direct/alliances personal Insurance

• Broker led commercial

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Clear strategic direction

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[Focused]
General
Insurer
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TOWER is currently developing its business strategy as a focused General Insurer. The focus will be on enhancing our customer value proposition.

Knowing customers

A focused business

Right people, right skills

Strong risk management and governance

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• Modern computer system enabling flexibility

• Enabling customers to easily connect with TOWER, how and when they want to

• Providing a choice of service channels including face-to-face, online, phone and via alliances

• Reducing the number of variations of policy terms for each product

• Simplifying our product offering

• Simplifying and restructuring the organisation to reduce costs

• Moving to multi-skilled service model where one person can assist with sales, service and claims

• Moving decision-making to the frontline

• Developing a customer-centric culture

• Policy terms revised to reduce risk and align with new requirements of reinsurance treaties

• Proactive approach with regulators to transition to full IPSA license

• Reinsurance programme expanded post earthquake experience

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The TOWER shareholder proposition

The TOWER value equation at a glance

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[Compelling ]
value
proposition
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+ Focused General Insurance business

A focused general Insurer, with proforma normalised General Insurance NPAT of $24.7 million (taken as an average over FY10–FY12)

+ Residual Life Insurance assets

TOWER's retained life assets have an EV of $27.4 million (as at March 2013)

+ Corporate overhead reductions

Corporate overheads (excluded from General Insurance proforma NPAT) expected to reduce from FY12 $7.1 million to approximately $2.2 million

+ Capital returns and dividend policy

TOWER intends to return further capital of $114.5 million

TOWER has adopted a 90–100% payout policy which would produce dividends per share of approximately $0.18–$0.20 per annum based on proforma FY12 profitability and an estimate of the reduced number of shares on issue

+ Ongoing surplus capital

Post the settlement of the Life sale and the intended capital returns, TOWER will remain a well capitalised General Insurer, be debt free, with estimated capital exceeding the target by $67 million and exceeding the minimum solvency capital by $127 million

Capital management will be an ongoing focus

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Immediate areas of focus

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Transition
[focus]
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The next half year will see TOWER focus on four key areas

Cost control

–––

• Eliminating corporate support costs to bring corporate expenses down from FY12 $7.1 million to a target of $2.2 million

• Optimising the costs within the General Insurance business, including full transition to the Insurance Faces IT platform

Life divestment

–––

• Undertake settlement of Life sale

• Investigate opportunities to divest the remaining life assets

Board and management structure review

–––

• Complete the review and implement changes over next quarter

• Appointment of a new Chief Executive

Adoption and implementation of strategic plan

–––

• TOWER management have prepared a strategic plan which will be finalised and implemented following completion of the senior management appointments which are pending

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Investor outlook

Growth prospects

–––

• Strong independent participant in growth market with restored profitability levels

• Well positioned business empowered with General Insurance focus

• Opportunity to rationalise costs through organisational restructure

• Risk profile of General Insurers contained through revised policy terms

Strongly capitalised business

–––

• Further excess capital exists within the general insurance business (post planned capital returns)

• Additional capital will support future GWP growth or enable a future release and distribution of capital

• Cash generating business to support a high payout ratio

Attractive growth story

Potential for further value

–––

• Board and management structure currently under review to align with General Insurance business focus

• Positive current trading conditions support continued GWP growth

• Long term outlook for profitability is strong, however FY2013 is a transition period and NPAT will be impacted by one-off items and the cost of right sizing the group

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Thank you, any questions?

Appendix A: Supporting information

Half year results To 31 March 2013

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Investment assets breakdown

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Life General Total
Fixed interest securities (NZ) 546.2 98.7 644.9
Fixed interest securities (AUS) 0.0 15.2 15.2
Fixed interest securities (International) 9.1 27.3 36.4
Total fixed interest securities 555.3 141.2 696.5
Equity securities 49.2 0.0 49.2
Equity securities (International) 55.2 2.0 57.2
Total equities securities 104.4 2.0 106.4
Property securities 50.1 3.9 54.0
79.5 0.0 79.5
Derivative financial instruments
Total investment assets 789.3 147.1 936.4
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Credit ratings for investment assets

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Mar-13
Investment assets subject to credit rating
AAA 337.3
AA 602.4
A 28.8
BBB or below 6.9
Unrated investments 55.2
1,030.6
Investment assets not subject to credit rating
Fixed interest securities 0.0
Equity securities 107.0
Property securities 54.0
161.0
Total cash and investment assets 1,191.6
Cash and call deposits 255.2
Investment assets 936.4
Total cash and investment assets 1,191.6
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General Insurance Analysis of profit

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Half year ended
Mar-13 Sep-12 Mar-12 Sep-11 Mar-11 Sep-10 Mar-10
Net premiums 107.3 103.8 93.9 78.0 89.2 92.4 90.8
- Gross earned premiums 130.8 125.0 113.9 106.2 102.1 104.8 101.5
- Reinsurance (23.5) (21.2) (20.0) (13.3) (10.2) (11.0) (10.7)
- Catastrophe reinsurance reinstatement 0.0 0.0 0.0 (14.9) (2.7) (1.4)
Net incurred claims [1] (58.6) (46.4) (44.9) (41.7) (44.6) (48.3) (46.0)
Claims catastrophe [2] (3.3) (0.2) (1.1)
Impact of Christchurch earthquakes (20.4) (14.5) (4.4) (9.1) (5.0) (5.0)
Management and sales expenses (41.7) (40.0) (38.8) (35.0) (35.9) (32.3) (33.6)
Underwriting profit (16.7) 2.7 4.7 (7.8) 3.7 6.8 11.2
Investment income 4.2 7.9 4.5 7.5 4.0 7.8 6.3
Profit before tax (12.5) 10.6 9.2 (0.3) 7.7 14.6 17.5
Income tax expense (2.3) (2.8) (3.8) (1.8) (3.1) (4.6) (5.6)
Profit/(Loss) after tax [3] (14.8) 7.8 5.4 (2.1) 4.6 10.0 11.9
$ millions
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• 1 Includes $6.0m of revaluation of Australian liabilities

• 2 Events > $1m. FY13 represents Cyclone Evan. FY12 represents NZ weather bomb

• 3 The impact of the discontinuation of the Australian business is classified differently in the Group financial statements

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General Insurance Key statistics

General Insurance – Gross written premiums (Rolling 12) and lapses

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Half year ended
Mar-13 Sep-12 Mar-12 Sep-11 Mar-11 Sep-10 Mar-10
New Zealand 213.8 206.5 190.1 171.8 164.7 163.1 159.1
55.3 53.4 47.9 45.0 44.5 45.4 46.0
Pacific Islands
Total gross written premiums 269.0 259.9 238.0 216.8 209.2 208.5 205.1
Lapse rate [1] 13.7% 13.7% 13.1% 13.1% 14.3% 15.7% 16.9%
$ millions
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General Insurance – Net premiums and claims

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Half year ended
Mar-13 Sep-12 Mar-12 Sep-11 Mar-11 Sep-10 Mar-10
Net premiums 107.3 103.8 93.9 78.0 89.2 92.4 90.8
Claims including catastrophe 82.3 61.1 50.4 50.8 49.6 53.3 46.0
events
Claims ratio [2] 76.7% 58.9% 53.7% 65.1% 55.6% 57.7% 50.7%
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$ millions

• 1 Premium lapse rate excluding FinTel

2 Includes catastrophe events and $6m revaluation of Australian liabilities

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General Insurance Key statistics

General Insurance – Underwriting profits

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Half year ended
Mar-13 Sep-12 Mar-12 Sep-11 Mar-11 Sep-10 Mar-10
Underwriting profit/(Loss) (16.7) 2.7 4.7 (7.8) 3.7 6.8 11.2
Combined ratio [1] 116% 97.4% 95.0% 110.0% 96.0% 92.7% 87.7%
$ millions
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1 Claims and costs to net premium ratio

General Insurance – Management and sales expenses

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Half year ended
Mar-13 Sep-12 Mar-12 Sep-11 Mar-11 Sep-10 Mar-10
Management expenses 33.2 32.1 30.8 27.6 29.1 27.4 25.3
Commissions 8.5 7.9 8.0 7.4 6.8 4.9 8.3
Total expenses 41.7 40.0 38.8 35.0 35.9 32.3 33.6
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$ millions

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Proforma financials

8

General Insurance – Income statement

Split between continuing and discontinued operations

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General Insurance Published Results Total operations Continuing operations Discontinued operations
FY12 FY11 FY10 FY12 FY11 FY10 FY12 FY11 FY10
Net earned premiums 197.7 184.8 184.6 197.7 184.8 184.6 0.0 0.0 0.0
Net claims (92.6) (86.3) (94.3) (90.5) (85.2) (94.2) (2.1) (1.1) (0.1)
Management and sales expenses (78.8) (70.9) (65.9) (78.5) (70.7) (65.7) (0.3) (0.2) (0.2)
Investment income 12.4 11.5 14.1 7.5 6.3 8.7 4.9 5.2 5.4
Profit before tax 38.7 39.1 38.5 36.2 35.2 33.4 2.5 3.9 5.1
Income tax expense (11.9) (14.4) (12.1) (10.1) (12.9) (10.5) (1.8) (1.5) (1.6)
Profit before catastrophes (normal trading) [1] 26.8 24.7 26.4 26.1 22.3 22.9 0.7 2.4 3.5
Net Catastrophe reinsurance reinstatement 0.0 (12.3) (1.0) 0.0 (12.3) (1.0) 0.0 0.0 0.0
Net Catastrophe claims (13.6) (9.9) (3.5) (13.6) (9.9) (3.5) 0.0 0.0 0.0
Reported profit after tax 13.2 2.5 21.9 12.5 0.1 18.4 0.7 2.4 3.5
1 Catastrophe adjustments relate to Canterbury earthquakes only Catastrophe adjustments relate to Canterbury earthquakes only $ millions
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1 Catastrophe adjustments relate to Canterbury earthquakes only Catastrophe adjustments relate to Canterbury earthquakes only

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9