Australia's Genworth on track for better claims experience -Jefferies

Helia

01/11/2022 21:06

** Genworth Mortgage Insurance Australia  GMA.AX  is on
track for a better claims experience than outlook statements
delivered at the half-year ended June - brokerage Jefferies 
    ** Genworth on Tuesday said net claims incurred
year-to-date, as of Sept. 30, were down by A$12 mln  urn:newsml:reuters.com:*:nASX96lnsy
    ** "In the absence of full disclosures, the most likely
outcome is that movements in reserves have exceeded total claims
paid, resulting in net negative claims costs," Jefferies says 
    ** GMA also said 3Q22 delinquencies and claims incurred
continued to be very low, Jefferies says any potential increase
in systemdelinquencies is likely to impact GMA on a delayed
basis
    ** Jefferies revises FY22 earnings per share estimates
higher by 2%, FY23 and FY24 revised lower by 4% and 2%
respectively 
    ** Brokerage has a price target of A$2.98 and 'hold' rating
on GMA; stock closed Tuesday trading at A$2.85
    ** Stock up 28% YTD, as of last close 
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))