Genworth Mortgage Insurance Australia Limited (Genworth or the Company) (ASX: GMA) reported statutory1 net profit after tax (NPAT) of $32.1 million and underlying2 NPAT of $40.5 million for the third quarter ended 30 September 2017.
Ms Georgette Nicholas, Chief Executive Officer and Managing Director of Genworth, said, “Our third quarter results were strong and demonstrate the resilience of the business managing through various cycles. Our profitability remains strong in light of the small high loan-to-value ratio (LVR) market and continued development of losses in mining areas. At this time, our full year 2017 guidance has been updated from that provided to the market inFebruary reflecting better than expected loss performance.
“We are managing our capital position actively and are continually evaluating potential uses for our excess capital. As part of our ongoing capital management strategy we have partially completed a previously announced $100 million on-market share buy-back to a value of $45 million and we plan to continue the buy-back subject to business and market conditions, the prevailing share price, market volumes and other considerations.
“Our business focus is to address our customers’ capital and risk management needs and to deliver a sustainable return on equity for shareholders. We remain focused on executing our business strategy to redefine our core business model.”
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