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