Good day, and thank you for standing by. Welcome to Tower Limited Half-Year Results Announcement 2025. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press Star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Michael Stiassny, Chair of Tower. Please go ahead. Thank you. Good morning, and thanks for making the time to join us for this Investor Call and Presentation of our 2025 Half-Year Results. With me in Auckland is our Interim Chief Executive Officer, Paul Johnston, and Interim Chief Financial Officer, Angus Shelton. Tower's Half-Year 2025 Results demonstrate a business in good heart and performing strongly. A razor-sharp focus on profitable growth and operational excellence is creating value for our shareholders and will continue to do so. Earlier this year, we delivered a capital return of NZD 45 million that was value-accretive, and today we are declaring a fully imputed half-year dividend of NZD 0.08 per share, reflecting our strong financial performance and commitment to rewarding our shareholders. There is no question that Tower is a more focused, efficient, and profitable business. We are increasingly growing the right risks through risk-based pricing and enhanced underwriting capability, while we are also making the strategic investments necessary to improve efficiency and further strengthen the business. At the same time, our capital and solvency position remains strong. Indeed, the findings from the recent RBNZ Stress Test Reinforce this view, indicating that Tower, along with other New Zealand private insurers, is prepared and capable of meeting all policyholder claims and obligations in the event of a catastrophe much larger than any previously experienced. However, the stress test findings are not positive for the government, as it will bear a disproportionate share of the costs of future catastrophes. I believe this burden underscores the critical importance of New Zealand having a well-functioning private insurance market. It's essential that this market is attractive to global reinsurers, which means we must manage New Zealand's hazard risks effectively. With all this in mind, I do not think that almost 15 years later we would still be making provisions for the Canterbury earthquakes. You will see we have charged NZD 6.2 million after tax in the half-year and received a further 15 new or reopened claims. Not only is the never-ending tail of Canterbury earthquake claims imposing huge costs on the government and insurers, customers are getting a raw deal. Tower has a positive relationship with the Natural Hazards Commission, formerly the EQC. The current operating model whereby private insurers manage the claim end-to-end is working well for customers. Claims relating to the Kaikoura earthquake and the 2023 catastrophe events were settled quickly and with relatively few complaints. The Canterbury earthquakes remain an albatross, as the EQC Act did not set a time limit for reopening historical claims, and claims continue to be reopened. There is no knowing how long a claim will take to be managed by NHC, which is responsible for paying the first NZD 100,000 of each Canterbury earthquake's claim, before it becomes our responsibility. To put it in perspective as it stands, a Canterbury earthquake claim transferred from the NHC today could still have years to run before the final costs are known. More importantly, the current situation may also prevent NHC from restoring capital levels, leaving it more vulnerable to the next big event. From a customer perspective, this is an intergenerational equity issue where today's policyholders are continuing to pay for Canterbury earthquake claims costs. In our view, the government must legislate to impose final time limits. This is critical to provide certainty for all parties and to bring about closure to an event that happened nearly 15 years ago. It's also about putting a stop to the peripheral industry that has created a self-perpetuating gravy train. For example, lawyers and advocates prolonging disputes while contractors actively seek to find damage in the hope of pinning it to the earthquake and getting more work. The practice is egregious. The government and ultimately the taxpayer bears a substantial financial burden, and these additional costs put unnecessary pressure on premiums to the detriment of customers. As a society, this will require us to have some difficult conversations. No one, least of all me, wishes further harm to those who were affected by these tragic earthquakes and continue to discover damage or are faced with shoddy repairs. It will not be easy, but as a nation, we need to find a way to balance the ongoing needs of those with historical claims with the needs of future claimants. As the RBNZ report highlighted, the government via NHC is already paying a high proportion of New Zealand's Natural Hazard Costs, which it can ill afford. Therefore, Tower is actively encouraging the government to reconsider Treasury's proposed increase to the NHC cap to avoid the government taking on even more of New Zealand's natural hazard risk and other intended consequences. Because the levy is applied uniformly, an increased NHC cap would lead to higher insurance costs for everyone, but those who will suffer the most are lower-income homeowners. We also urge caution against implementing a proposed 50% increase in the NHC levy. Taxes and levies already make up a significant portion of customer premiums, and for Tower, this could rise to 56% of an average premium on the current proposals. In short, the net result of the proposed NHC levy increase would significantly undermine Tower's efforts to implement fair risk-based pricing by sending the wrong price signals. It would be a direct slap in the face for homeowners who live in less hazard-prone areas. For the avoidance of doubt, Tower believes in and will continue to advocate loudly for risk-based pricing. Global insurers expect insurers to manage and price for risks appropriately. We must avoid the situation we have witnessed in California and Florida, where insurers have withdrawn and the state governments have been left with a huge fiscal risk. We firmly believe the government's role should be to prioritize risk reduction in hazard-prone communities rather than taking on more financial risk. By doing so, it will keep insurance affordable for all New Zealanders. It's now my pleasure to hand over to Paul and Angus, who will take you through the results and outlook before we come back to take questions. Kia ora and good morning, everyone. Thank you for joining us for our 2025 Half-Year Results. Here is a summary of our Half-Year Results, which demonstrate Tower's strong performance. I will talk through these points in more detail shortly, but first, an overview of our performance this year. Gross written premium for the half-year to 31 March 2025 increased to NZD 297 million, up 4% on HY24, excluding divested portfolios. Customer numbers increased to 312,000 compared with 309,000 in HY24. This growth was predominantly driven by growth in the New Zealand home and contents insurance portfolio. The BAU claims ratio has improved substantially to 38% due to a range of factors, including the prolonged period of favorable weather, easing inflation, enhanced risk selection, and more efficient claims processes. The management expense ratio has improved year-on-year, reducing to 30.4% due to GWP growth and operational efficiencies, partially offset by increased investment in digital and process initiatives this year. Large event costs at the half-year were NZD 3 million due to the Dunedin flooding event in October 2024. The April 2025 Cyclone Tam flooding event in New Zealand will be recorded as a large event in the second half, with an estimated cost of NZD 4 million. Reflecting our positive operational and business performance, we are reporting an underlying profit after tax of NZD 61.7 million, up from NZD 36.6 million in HY2024. Reported HY2025 profit is NZD 49.7 million compared to NZD 36 million in HY2024. On the basis of these results, Tower will pay an interim dividend of NZD 0.08 per share. The dividend will be fully imputed. Premium growth continued at a slower rate in the year to 31 March, increasing by 4%. This is because of a reduction in average premiums due to attracting a higher proportion of lower-risk house insurance and motor policies, which attract lower pricing along with more competitive pricing in the New Zealand market. Our strategy has been to focus on growing high-quality risks in the home insurance market. We know that home insurance customers have more policies and stay longer than solely motor insurance customers, so we are pleased to see our premium growth was predominantly driven by customer growth within the New Zealand home and contents insurance portfolio. 90% of our house insurance GWP Growth came from volume. As you can see in the bottom graph, growth in motor risks has slowed following actions to tighten our risk appetite in the prior year. We will continue to target high-quality risks by offering more favorable pricing to lower-risk vehicles and applying higher premiums to those that our data shows will potentially incur higher claims costs. Pleasingly, our partnerships business passed a milestone this half-year of NZD 100 million in GWP from active partners on a 12-month rolling basis. In line with our risk-based pricing strategy, growth from new policies sold in HY2025 has significantly improved our risk exposure. At the end of HY2025, 91% of house policies were rated by Tower as low or very low for flood risk, a 5% improvement from HY2024. This has contributed to our expected average annual loss from flooding reducing by 24% on a per-policy basis and by 18% for the portfolio overall. Our focus on customer experience, combined with our use of digital technology and data, has contributed to continued improvements in our overall Net Promoter Score, which was +41 at HY2025, up from +31 in HY2024. Customer experience improvements have been seen across both our digital and our contact center agent-assisted customer journeys. Customers can now complete 94% of policy changes for their car insurance online. This includes features such as the ability to change the policy access, update the sum insured, and renew or cancel the policy, all without needing to make a phone call. The number of active MyTower users continues to increase, rising by 10% to 171,000, demonstrating that our online journeys resonate with customers. We're continuing to see the benefits of our core platform and our 300-strong Suva hub team, which have contributed to reducing our sales and service and claims contact center abandonment rates, now down to 7% and 11% respectively. We have implemented our fair conduct program in response to the Conduct of Financial Institutions Amendment to the Financial Markets Conduct Act. The program sets out policies and processes to further advance fair customer outcomes while delivering on our promise of simple and rewarding customer experiences. This week, Canstar announced Tower as the winner of its Home and Contents Insurer of the Year award for the second year running. The independent research panel again noted the outstanding value offered by Tower's insurance products. We are pleased to have achieved a further reduction in MER to 30.4% in HY2025. This includes increased investments for strategic initiatives, which I'll cover in the next slide. Our Suva Hub is continuing to deliver efficiency benefits. In HY25, our Suva team handled 73% of all New Zealand sales and service calls to Tower, an increase from 50% in HY24. In HY25, we leveraged the low claims cost environment and accelerated strategic investments to enhance our business performance. Continuing our digitization strategy, we are targeting to have 80% of all New Zealand sales, service, and claims lodgement tasks completed digitally by the end of FY27. We're also rolling out a new motor assessing system to cut down assessment times and reduce repair costs, and we plan to implement a new house assessing system in 2025. A new contact center platform to improve frontline efficiency and customer service will be implemented this year. As we have previously signaled, we are expanding our risk-based pricing program to include two additional hazards, landslide and sea surge risks, which will be applied to both existing policy renewals and new policies. Importantly, as we do with earthquake and inland flooding risks, we will be sharing information transparently with customers to help people understand the landslide and sea surge risks their homes face and how this impacts their insurance pricing. We're also reinvesting in our customer data capabilities to enable better end-to-end data management, helping us serve our customers more accurately and effectively. Lastly, we're investing in our team's capabilities and leadership to ensure our people are well set up for the future and continue delivering great customer experiences. In HY25, our BAU claims ratio significantly improved from 50% in HY24 to 38%, thanks to a combination of prolonged favorable weather, easing inflation, fewer total loss house claims, improved claims processes, and enhanced risk selection. Prior period rating increases implemented to offset inflation and increase reinsurance costs are also continuing to earn through to the loss ratio. As I noted earlier, our improved risk selection across our motor portfolio has helped reduce claims from higher-risk policies. Today's investment in our claims transformation program aimed at improving processes and implementing new technology to deliver faster and more efficient claims management is delivering benefits. In the half, we increased the proportion of claims assessments performed in-house by 4% and significantly improved the use of our preferred repair network to 70%, up from 47% in the first half of 2024. These improvements are helping to reduce claims costs and shorten repair times. Underlying impact, excluding large events, was NZD 64 million in HY25. As you can see from this chart, we are steadily improving our underlying business performance and improving half on half. These positive results reflect Tower's commitment to delivering sustainable, profitable growth by upholding core insurance fundamentals, robust risk selection, and pricing and claims management. We are focused on continuing to grow high-quality risks while enhancing our resilience and claims performance. I'll now hand you over to our Interim Chief Financial Officer, Angus Shelton, who will talk you through the details of our financial performance this year. Thank you, Paul, and good morning. Looking at the consolidated results, we can see that GWP has increased by NZD 6.4 million, or 4% excluding divested portfolios, compared to HY2024. This growth was driven by customer growth in the New Zealand home and contents insurance portfolio, which grew GWP by 11% year on year. The continued benign weather, alongside rating and underwriting actions, have significantly improved the BAU claims ratio to 38.1%. Tower's large event costs at the half-year were NZD 3 million due to the Dunedin flooding event in October 2024. The management expense ratio has improved to 30.4%. We are reporting an underlying impact, including large events, of NZD 61.7 million, up from NZD 36.6 million, and reported profit after tax of NZD 49.7 million, up from NZD 36 million in HY2024. Reported profit includes provision for additional customer remediation-related costs and an increase in Canterbury earthquake cost estimates due to an increase in the number of new or reopened claims received from the NHC. Here is the bridge between underlying impact in HY24 of NZD 36.6 million and underlying impact of NZD 61.7 million in HY25. You can see that business growth, driven by higher net earned premium alongside significant improvements to BAU claims performance, have largely driven this result. Partly offsetting those items were a NZD 3.6 million change in large event costs versus the release of a NZD 1.9 million before tax and provisions in HY24, and an additional NZD 2.8 million after tax of strategic investments aimed at growth, efficiency, and strengthening the business, which Paul covered earlier. The significant reduction in our BAU claims ratio to 38.1% was driven by lower frequency and severity, or cost, of claims. As shown in the top graph, both the frequency and severity of motor claims has reduced year on year. This is partly due to our actions to reduce our exposure to high theft motor policies in the past year to 18 months. The lower inflationary environment, coupled with efficiency initiatives in our claims processes, such as reducing our reliance on external assessors, has lowered the average severity of motor claims by NZD 32 to NZD 3,179 per claim. Additionally, the frequency of motor claims has reduced to 12.1% of policies experiencing a claim in the year. Our efforts to attract lower-risk properties, plus continued mild weather in the period, have contributed to a reduction in house claim frequency over the past two years, from 6.9% in HY 2024 to 6.5% of policies experiencing a claim in HY 2025. The severity of house insurance claims has also reduced, in line with inflation and our improved risk exposure. We experienced one large event in the half, the Dunedin flooding event in October 2024, with an estimated cost of NZD 3 million. The cyclone Tam flooding event that occurred over Easter will be recorded as a large event in the second half, with an estimated cost of NZD 4 million, and is therefore not included in HY25 results. We are pleased to see our management expense ratio continue to reduce, with a 0.9% improvement over the year to 30.4%. Our increased scale from business growth enabled a 3% reduction in management expense ratio. We are leveraging the low claims cost environment to accelerate strategic investments aimed at improving growth, efficiency, and strengthening the business, which accounted for a 1.5% increase in the half. Net commission and deferred acquisition costs led to a 0.3% increase, while staff and other costs increased by 0.2%, noting that these costs are increasing below the rate of inflation due to cost efficiencies from digitization and the Suva hub. In HY25, net investment income was NZD 10 million before tax, which was in line with the same period last year. Tower maintains a conservative investment policy with a focus on high credit quality and liquidity and a target duration for the core investment portfolio of six months. Our strategy has mitigated the impact on our profit from macroeconomic factors and mark-to-market movements. This allowed us to benefit from higher interest rates through FY24. However, the running yield on the core investment portfolio has since continued to decrease across HY25, finishing the half-year at 3.9%. Interest rates are now well past their peak, and we expect yields to continue decreasing through FY25. The two primary non-underlying items included in the reported profit were an increase in Canterbury earthquake cost estimates, which was due to Tower continuing to receive more new overcap or reopened claims than expected from the NHC, as well as costs associated with customer remediations. We are continuing to settle Canterbury claims with 13 closed over the half-year. However, we also received an additional 15 new overcap or reopened claims from NHC in the half, bringing the total number of open claims to 18 on 31 March. As a result, there was a net increase of two open claims from September 2024. As these 15 claims reflect a higher rate than we have seen in recent times, we have increased our outstanding claims provision to allow for the possibility of a greater number of new or reopened claims in the future than we had previously expected. As a result, HY25 has seen an adverse Canterbury earthquake profit charge of NZD 6.2 million after tax, which was recorded in non-underlying items. We continue to closely manage the outstanding claims, with our specialist team working to finalize them as efficiently as possible. We are also working closely with the NHC to look further back into their pipeline to identify earlier when claims may exceed the NZD 100,000 cap and be passed on to us. Claims can exceed the cap due to building cost inflation, increasing the ultimate cost of the claim, or missed damage. In HY25, we incurred a NZD 4.9 million charge after tax as a non-underlying item related to customer remediation. This charge includes further provisions for repayments to customers, as well as for the costs associated with our remediation program. Tower has previously provided for costs related to regulatory action taken by the FMA concerning the incorrect application of multi-policy discounts, which is ongoing. Tower's reinsurance strategy provides protection from volatility caused by large events and maintains financial flexibility to support growth while underpinning strong solvency. As we highlighted in September, Tower's reinsurance program provides comprehensive cover for our home, motor, boat, and commercial portfolios across our New Zealand and Pacific markets. Tower's capital and solvency position remains strong. Our parent solvency ratio has decreased to 164% from 212% in FY24 due to the capital return and changes in the way we are required to calculate solvency. Tower's regulatory solvency position is calculated under the Second Amendment to the Reserve Bank of New Zealand's interim solvency standard, which applied from the 1st of March this year. As we have previously forewarned, the Second Amendment has resulted in some significant changes to the solvency calculation, and largely as a result of these changes, the prescribed capital requirement has increased to NZD 190.9 million. This movement, combined with the return of NZD 45 million excess capital to shareholders in March and an allowance for the NZD 0.08 per share interim dividend, which will be paid in June, offset by profits earned in the half, means that the adjusted solvency margin has fallen to NZD 122.9 million, a decrease of NZD 48.5 million from NZD 171.4 million previously. We were pleased that Tower's A-minus credit rating was reaffirmed in April by the international rating agency AM Best. Thank you. I will now hand back to Paul, who will provide an update on our guidance and priorities for the second half. Thank you, Angus. Here are our priorities for FY25, which are centered on strengthening the business through core insurance fundamentals, including robust risk selection and pricing and improved claims management. Investing in our business will also remain a key focus. We will continue to increase new business from home insurance policy sales by targeting high-quality risks. At the same time, we are committed to growing our motorbook as our pricing becomes more attractive for lower-risk vehicles. Additionally, we plan to expand through existing and new partnerships, including Kiwi Bank, Homes.co.nz, and Healthcare Plus, who joined us in FY24. Investing in simple and rewarding customer experiences remains a priority. This includes applying landslide and sea-surge risk ratings to policy renewals and adding these perils to our automated customer-facing quote-to-buy tool, where customers can already see their home's risk rating for earthquake and flood hazards. This year, we are investing in our customer data capabilities to enable better end-to-end customer data management. This will further enhance our customer experience, increase efficiency, and reduce risk by being a single source of the truth. Importantly, we will continue to pursue efficiency, digitization, and process improvements that deliver benefits to our customers and drive value for our shareholders. As we examine and improve our systems and processes, we are committed to addressing the root causes and applying lessons from the errors that led to customer remediations. Our second half priorities aim to continually enhance our customer experience, positioning us to deliver sustainable premium growth and attractive long-term shareholder returns. In FY2025, Tower expects GWP growth, excluding revenue from sales of subsidiary operations, to be mid-single digit. We have set a prudent large events allowance of NZD 50 million and anticipate further improvements to our management expense ratio, which we expect will be less than 31%. We are targeting a combined operating ratio of between 82% and 84%. Assuming full utilization of the NZD 50 million large events allowance, Tower anticipates underlying impact to be between NZD 70 million and NZD 80 million. Any unused portion of the large events allowance after tax at year-end will increase underlying impact to improve the full-year result. Additionally, we are targeting a return on equity of between 13% and 17%. You can see we have also disclosed a range of medium-term targets for FY2027. We are expecting to build back up to our targeted GWP growth of 10%-15% in FY2027 as the insurance cycle stabilizes and strategic initiatives are delivered. However, due to the carried forward impact of lower growth in FY2025, we expect our MER to now be between 26%-28% in FY2027. Thank you for your time this morning. I'll now hand back to the operator to ask for questions. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by as we compile the Q&A roster. Just a minute for our first question, please. First question comes from Karen Kaling from Craigs Investment Partners. Your line is now open. Good morning, guys. Thanks, Michael, Paul, and Angus for the commentary and congrats on the strong result. First question from me, just in terms of your GWP growth, is there any sign of prices stabilizing in the market, particularly for motor? If we think about your expectations into the second half of 2025 and FY2026, do you think that directionally the risk is to the upside or the downside compared to how growth has tracked through the first half of 2025? So far during our HY25, we are seeing some decreases in motor premiums. We expect that probably to remain similar for the rest of the current year. Looking forward to next year, we currently think that the rating cycle is around about at the bottom of it, and so there would be stable to starting to increase in the medium term. I guess just to add on to that question, you've put out two GWP downgrades to date. What has changed compared to your original expectations when you had the 10%-15% GWP growth target out there? Is it the pricing environment being softer than you expected, or were you expecting stronger customer growth? is definitely around that decrease in pricing. That is larger than we were anticipating when we set our original guidance. We also are being reasonably cautious in our approach to pricing, which has slowed our growth and volume slightly as well. Our focus is on risk-based pricing and pricing for the right price for the right risks rather than pursuing growth. As we have seen those decreases in market prices, we have been focusing on the lower risk properties, and the lower risk properties under risk-based pricing are priced lower as well. That has also impacted our GWP growth. Okay, thank you. Next question is just on the BAU claims ratio. It's obviously tracking well below your 50% historical average, and you talk about a mix of macro weather and company-specific factors that have been driving that. Do you have any data to quantify what proportion of the improvement could be attributable to the improved risk profile of the book? Or to phrase it another way, do you see 50% BAU claims ratio as being the right number going forward? Looking forward in the medium term, we believe that sort of very high 40%-50% claims ratio is about the right target for us. During this period, as you've mentioned, it's a mixture of macro and factors specific to us. On the macro front, we have seen fair weather at least in the first three months of this year. It's changed a little bit since year-end. We've also seen a lower number of large house fires in the first half than we're typically used to. We can see the benefits of the changes we've been making to our claims environment, both in terms of lower frequency of claims from our risk-based pricing and also reduced costs as we make improvements to our assessing and straight-through repairs. However, it's not easily possible to distinguish between the macro events and the initiatives that are under our control. Good, thank you. Last question, just in terms of capital management. We saw dividends in FY2024 weighted more to the second half, but the first half dividend this year, based on your current guidance, indicates more of an equal split. Just wondering how we should be thinking about that going forward. Additionally, on capital management, provided you do not use the full NZD 50 million large events allowance, how are you thinking about the use of Surplus Capital? I think we've been very clear that the policy of 60%-80% of profit is going to be our dividend benchmark, and that's what we've done in the first quarter. We hope that second quarter, we will follow—second half, sorry, got confused. We will see the same, and if we have a good run with our large events, it would be normal for us to be sharing that with our shareholders. Would you say a buyback is on the cards at all, or do you think it's more likely it would be a special dividend? I think it'll be a special dividend at this stage. Great. Thanks for that. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. Our next question comes from Andrew Buncombe from Macquarie. The line is now open. Hi, guys. Thanks for taking my questions and congratulations on the results. The first one from me, can you just give us an update on how the CEO search is going? Thanks. It's progressing. It's in the last 100 meters, I would suggest, is a fair way of describing it. We hope to conclude that in the not-too-distant future. Excellent. Second one from me, what do you need to see to change your large event expectations for FY25? What should we be thinking about for 2026? Thanks. I think we've always been trying to get to a position where our shareholders can rely on a dividend, and that hopefully goes up, but there is a dividend coming and that they can sort of bank on that and that we allow. We We are trying to take out the highs and lows of the dividend, but then allow the shareholder to partake should that climate or however you want to view large events go exceedingly well. We are sort of giving you a bottom, and we are saying that from there on in, it's going to go up and down dependent on what our total profit is. I think you'll see a continuing conservative view on large events so that we are not coming back to you with a massive surprise with no dividend and looking at a negative position. Excellent. Thank you. Then just the final one from me, which was a follow-up to one of the earlier questions. By my estimation, you've made about a 35% margin this half. Last year was very strong as well. In that context, why do you have confidence that the premium rate cycle is near the bottom? Thanks. Good question. Yeah, thank you, Andrew. Look, I think obviously insurance runs in cycles. As Angus indicated before in the previous question, we do see premium rates will continue to drop for the second half of this year. I think for us as well, it's not just the macro premium rate cycle. It's also our underwriting and risk-based pricing disciplines as well that drive our premiums. It's not just about the actual premium itself. It's about the average premium that we collect from customers. As we write lower risks, then we will see lower average premiums come through as a result of that, which obviously will benefit customers and benefit our underwriting ratio and our bottom line, but also continue to keep our GWP growth modest. Great. That's it from me. Thank you. Thank you. Thank you for all the questions. This concludes the Q&A session. I will now pass back to Michael for closing remarks. I hope the lack of questions shows that everyone is very happy with our result. Special thanks to our team. I think it is a good result, and it is in no small part due to everyone at Tower. Thank you for your support, and thank you for being here today.