Genworth Mortgage Insurance Australia Provides 1Q2018 Earnings Release

Genworth Mortgage Insurance Australia Limited reported statutory1 net profit after tax (NPAT) of $8.4 million and underlying2 NPAT of $19.9 million for the quarter ended 31 March 2018 (1Q18).

Ms. Georgette Nicholas, Chief Executive Officer and Managing Director of Genworth, said, “We have previously stated that 2018 will be a transitionary year for our Company and our 1Q18 results reflect this.

“Our performance this quarter reflects:

  • the impact of the annual premium earning pattern review announced to the market on 15 December 2017 (2017 Earnings Curve Review);
  • initiatives we have rolled-out pursuant to our strategic program of work (Strategic Program of Work); and
  • a mark-to-market loss on our equity portfolio.

“Our 1Q17 underlying NPAT included a $20.8 million realised gain resulting from a rebalancing of our investment portfolio.

“I am pleased to report that we are making good progress in redefining our core business model through our Strategic Program of Work, in particular, in the areas of product innovation and revenue stream diversification.

“We continue to be focused on ensuring we have an optimal capital structure and that we maintain the Board’s targeted Prescribed Capital Amount (PCA) of 1.32 to 1.44 times. To this end, we are today announcing an on-market share buy-back of up to a value of $100 million, subject to shareholder approval at our Annual General Meeting (AGM) on 10 May 2018.”


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