Tower (ASX:TWR, NZE:TWR) reported Thursday fiscal first-half earnings of NZ$0.066 per share, down from NZ$0.13 a year earlier.

Gross written premium for the six months ended March 31 was NZ$300.8 million, compared with NZ$297 million a year earlier.

The company expects gross written premium growth in the low single digits, down from 5% to 10%, due to lower average premiums and subdued market conditions, while underlying net profit after tax, assuming full utilization of the large events allowance, is projected to be between NZ$55 million and NZ$65 million.

The board declared an interim dividend of NZ$0.05 per share, down from NZ$0.08 a year earlier, payable June 25 to shareholders on record as of June 11.