No Major Surprises in Genworth Australia’s First-Quarter 2017 Result
We retain our AUD 3.00 per share fair value estimate for no-moat-rated Genworth Mortgage Insurance Australia following its first-quarter fiscal 2017 result. There were no major surprises with top line revenue pressure from lower volumes of high loan/valuation ratio, or LVR, business and higher mortgage claims costs continuing. The insurance underwriting result was down 23.3% to AUD 43.1 million on the previous corresponding quarter on lower net earned premiums, or NEP, and higher claims costs. F...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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