Corporate Action: After in Line 2018 Results, Vote in Favour of Genworth’s Proposed Share Buyback
No-moat Genworth’s full-year 2018 results were in line with our expectations. Moderating Australian housing conditions and an October 2017 earnings curve review led to a 24% decline in net earned premiums, or NEP, and a 51.9% loss ratio, tracking our forecast for a 25% decline and 53% loss ratio. Excluding the impact of the curve review, NEP fell 4.3% in 2018, reflecting challenging end-market conditions, although underlying NPAT of AUD 93.9 million matched our projection. We maintain our AUD 2....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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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