Genworth Mortgage Insurance Australia Limited (Genworth or the Company) (ASX: GMA) today reported its 2017 full year (FY17) financial results. Statutory1 net profit after tax (NPAT) for the year ended 31 December 2017 was $149.2 million and underlying2 NPAT was $171.1 million.
The Genworth Board declared a fully franked final ordinary dividend of 12 cents per share payable on 16 March 2018 to shareholders registered on 2 March 2018. The total ordinary dividend for 2017 was 24 cents per share and represents a payout ratio of 70.3%, up from 67.2% in 2016.
Ms Georgette Nicholas, Chief Executive Officer and Managing Director of Genworth, said, “Our 2017 results are in line with our guidance and reflect the impact in 4Q17 of our annual premium earning pattern review (2017 Earnings Curve Review), which we announced to the market on 15 December 2017.
“In early 2017 we commenced a strategic program of work to redefine our core business model and position Genworth as the leading provider of customer-focused capital and risk management solutions (Strategic Program of Work). I am pleased to report that we have made significant progress in implementing initiatives pursuant to this program of work.”
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