Housing Headwinds Remain for Genworth Australia
Moderately higher expected claims results in a reduction in no-moat Genworth’s 2018 underlying net profit after tax, or NPAT, to AUD 93.9 million from to AUD 99.7 million, with its fair value estimate reduced to AUD 2.70 per share from AUD 2.80. The company also continues to experience lower earned premiums due to its earnings curve review implemented in October 2017 but by progressively lower amounts. This review lengthened the time over which premiums are recognised but does not impact the exp...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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