Genworth Extends Key Lenders Mortgage Insurance Contract. AUD 2.80 FVE Unchanged.
No-moat Genworth Mortgage Insurance Australia, or Genworth Australia, confirmed a contract extension with key client, National Australia Bank, until Nov. 20, 2018 for the bank’s broker business. The National Australia Bank contract accounted for 10% of Genworth Australia’s AUD 382 million of gross written premium, or GWP, in 2016. Our AUD 2.80 fair value estimate is unchanged with the stock fairly valued. Risks around re-signing major customers continue to drag on the stock price. Despite the co...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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