Life insurance group in profit slide

TOWER Australia Group has reported a 12 per cent fall in first half profit and says it remains positive about the prospect for continued growth in the life insurance market.

Net profit for the six months to March 31 was $27.1 million, down from $30.9 million in the previous corresponding period, Sydney-based Tower said.

But it preferred earnings measure, underlying profit, rose 13 per cent to $38.2 million.

Tower focuses on underlying profit because it removes short-term unrealised gains and losses to improve comparability between periods.