Australia's Genworth Mortgage slides as half-year profit falls

Helia

03/08/2022 02:27

** Shares of Genworth Mortgage Insurance Australia Ltd
 GMA.AX  drop as much as 7% to A$2.68, their worst intraday
session since June 17
    ** The mortgage insurer says half-year statutory net profit
after tax is down 68.2% to A$18.9 mln ($13.03 mln)  urn:newsml:reuters.com:*:nASXb0ykqq
    ** GMA expects FY22 gross written premium (GWP) to remain
below 2021 numbers due to lower levels of new loan commitments
and less activity from first homebuyers
    ** GMA's underlying NPAT jumped 75.8%, driven by lower
claims costs
    ** Expects FY22 net earned premium (NEP) within a range of
A$375 mln to A$435 mln, higher than FY21 NEP of A$370.5 mln
    ** Stock hits its lowest since July 25
    ** GMA down 30% this year, as of last close
   
    ($1 = 1.4505 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))