Genworth Mortgage Insurance Australia Limited
(ASX:GMA) says its first quarter results for FY17 are in line with expectations.
The insurer reported a statutory net profit of $52.2 million and an underlying net profit of $68.3 million for the period.
Genworth says its profitability remains strong despite revenue being pressured by a smaller high loan-to-value ratio market.
New business volume increased 9.7 per cent to $6.8 billion for the quarter, compared to $6.2 billion for the previous corresponding period.
The company's 2017 guidance remains unchanged.
Shares in Genworth Mortgage are trading 1.09% lower to $3.16.