Genworth Mortgage Insurance Australia: 1Q results as expected

Company News

by Jessica Amir

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.
 

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