Genworth Mortgage Insurance net profit down 53%

Company News

by Anna Napoli

Genworth Mortgage Insurance (ASX:GMA) has announced its reported net profit after tax for the first half of 2018 fell by 53 per cent to $42 million compared to the same time last year.

The company’s net earned premium (NEP) decreased by 32 per cent to $143 million.

Genworth has declared a fully franked interim dividend of 8 cents per share and a special dividend of 4 cents per share.

The company says its NEP dropped due to the adverse impact of the 2017 Earnings Curve Review which had a $61 million impact. Excluding this impact NEP would be down 3.5 per cent.

 Shares in Genworth Mortgage Insurance (ASX:GMA) are is trading 3.9 per cent higher to $2.79

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.