Tower says it is ahead of where it was last year but is expecting the next six months to remain challenging.
Tower managing director Rob Flannagan told shareholders at yesterday's annual meeting the health, life and general insurance part of the business was performing well and was ahead
of last year.
But the investment business side was flat.
"It is slightly behind the same period last year although it was better than the second half of last year.
"The investment business we think will achieve its targets but we are going into very difficult times."
Flannagan said he expected the next three to six months to remain problematic. "As consumers start to hurt more and lose their jobs and lose their discretionary money people were going to have to make choices."
Flannagan said it may be that people look to cut out their health insurance or life policy.
He said the company was watching its policy retention rates and arrears closely.
Chairman Tony Gibbs said for the four months to January 31 results were tracking ahead of the same period last year.
Tower's $100 million bond offer, which opened on Monday, already had $80 million signed up to it and the company was expecting a further $20 million would also be snapped up.
Tower's shares yesterday closed up 5c on $1.55.
