Tower Insurance has announced that it has achieved three years of improving results and solid growth, with a latest full-year profit of $16.8 million after tax.

The result has been a $23.5 million improvement on the same period last year – reflecting the strength of the firm’s business and strategy.

Richard Harding, chief executive of Tower Insurance, noted that their “relentless focus on improving the business and delivering something better for the customers” has driven the positive results.

"New Zealand’s insurance customers have been conditioned to accept the status quo, but we’re challenging this and I’m pleased that customers are noticing and our business is growing," he said. “Sales through our online channels keep on increasing and the recent launch of our new IT platform means we can push harder into the digital space and realise our ambition to be a digital challenger brand.”

Harding added: "The growth we’ve achieved and the pending purchase of Youi NZ’s insurance portfolio is increasing our market share as more New Zealanders see us as a better, fairer and more transparent option.”

Read more: Tower sets sights on acquisition of Youi NZ

The results may have been pleasing, but Harding noted that there is still work to do to keep delivering improvements.

"The momentum we’ve built in the business will be accelerated with the recent launch of our new technology platform, but as always, there’s more work to do,” he said. "Our focus now shifts to maximising the new platform, putting new products out into the market, improving productivity and continuing to raise the bar for the way insurers should act.”