Tower (NZE:TWR, ASX:TWR) raised its fiscal 2026 underlying net profit after tax (NPAT) guidance to NZ$69 million to NZ$79 million from NZ$55 million to NZ$65 million, after large-event claims came in at about NZ$25 million, well below its NZ$45 million allowance, according to Tuesday filings with the Australian and New Zealand bourses.

The resulting NZ$20 million unused allowance is expected to increase underlying NPAT by around NZ$14 million, per the filing.

Customer numbers increased 8% to 345,000, while gross written premium rose 3% in line with guidance, driven by strong growth in New Zealand home insurance, partnerships and risk-based pricing, the filing said.

Reported profit will remain affected by non-underlying costs, including additional expenses related to the customer remediation program incurred in the second half, the filing added.

The company's New Zealand shares gained 2% in recent Tuesday trade.