Genworth’s 1Q18 net profit and premium down

Company News

by Anna Napoli

Insurance company, Genworth (ASX:GMA) has reported its net profit after tax (NPAT) fell about 84 per cent on first quarter 2017 to $8.4 million for first quarter of the 2018 financial year.

Meantime, Genworth’s net earned premium fell 38 per cent to $67 million from $108 million last year.

The company has announced an on-market share buy-back up to $100 million, which shareholders will vote on at the AGM next week.

The company says that reported net profit includes an after-tax mark-to-market loss of $11.5 million on investment portfolio.

Shares in Genworth (ASX:GMA) closed up 2.59 per cent to $2.38 yesterday

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.