Genworth NPAT falls in 1H17 to $88.7m

Company News

by Jessica Amir

Genworth Mortgage Insurance Australia (ASX:GMA) has reported its net profit after tax fell 34.7 per cent in first half of 2017 to $88.7 million (compared to $135.8 million in the prior corresponding period). 

The provider of lenders mortgage insurance says, the results were in line with expectations and it demonstrates its reliance amid challenging conditions.

Genworth Mortgage Insurance saw a drop of 7.5 per cent its Net Earned Premium compared to the prior corresponding period.

The board also declared fully franked and special dividends totaling $0.14 per share.

The firm also announced it will begin an on-market buy-back for shares, up to a maximum aggregated value of $100 million.

Genworth Mortgage Insurance Australia (ASX:GMA) are trading 3.64 per cent higher to $3.13

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.