Tower is considering returning some money to shareholders, after raising funds from them more than a year ago.
The insurer and funds manager is cash rich, with a strong balance sheet and no acquisitions in sight.
In September 2009, Tower raised $81 million from its shareholders through issuing extra shares to fund potential purchases.
However, a later $118 million takeover bid for Fidelity Life Assurance fizzled after opposition from the rival insurer.
Tower chairman Tony Gibbs says the board will make sure the money is returned in a tax-effective manner, if it decides there are no acquisitions to pursue.
