Capital Management Features in Genworth Australia’s In Line 1H17 Result; FVE Unchanged
Our AUD 2.80 per share fair value estimate for no-moat Genworth Mortgage Insurance Australia is intact following the half-year fiscal 2017 result. Key trends were largely as expected with top-line pressure from the loss of a client in April and the impact of macroprudential measures reducing banks’ appetite for high loan/valuation ratio, or LVR, loans, as well as higher claims costs. This saw the insurance underwriting result fall 15% to AUD 83.3 million on the previous corresponding period, or ...Genworth Australia is a provider of lenders mortgage insurance (LMI) under authorisation from Australian Prudential Regulation Authority. Co. provides three LMI products: Standard LMI, Homebuyer Plus and Business Select/Low Doc. Co. maintains commercial relationships with over 105 lender customers across Australia.
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