Australia's Genworth Mortgage set for best day in 1 month on strong forecast

Helia

01/11/2022 24:41

** Shares of Genworth Mortgage Insurance Australia  GMA.AX 
rise as much as 3.7% to A$2.81, set for their best session since
Oct 4, if gains hold
    ** Genworth sees FY22 Net Earned Premium (NEP) to be to the
top of previously announced forecast range of A$375 mln ($240.19
mln) to A$435 mln
    ** Expects FY22 net claims incurred to be within range of
-A$25 mln to +A$25 mln, compared with previous forecast range of
A$0 mln to A$50 mln     
    ** Says higher bond rates are expected to benefit interest
income and are positive for future profitability
    ** Co recorded NEP of A$99.6 mln and net profit after tax of
A$54.8 mln for quarter ended Sept 30
    ** Co says it recently entered strategic partnership with
Household Capital, provider of home equity retirement funding 
    ** Stock up ~21.7% this year, as of last close
    ($1 = 1.5613 Australian dollars)
 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))