Genworth Revises Premium Earning Pattern Reducing FY17 Earnings. AUD 2.80 FVE Unchanged
We reaffirm our AUD 2.80 per share fair value estimate for Genworth Mortgage Insurance Australia, with our valuation unaffected by the company revising actuarial assumptions for net earned premium, or NEP, recognition. Average duration recognition of NEP, in aggregate, will now be lengthened by approximately 12 months. The modified premium earning pattern now reflects expectation losses from mining-related regions will continue to occur at late durations in contrast to the previous pattern of ea...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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